# GRAPHITE DESIGN INC.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2025/03/01－2026/02/28) (S100Y66O)
> Page: https://vizora.meequs.com/en/company/graphite-design
> Retrieved: 2026-09-30T21:31:01.691Z

## Company

Graphite Design, founded in 1989, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 128 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GRAPHITE DESIGN INC. |
| Ticker | 7847 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7847.T) |
| Listing | TSE Standard |
| Head office | 埼玉県秩父市太田2474番地1 |
| Representative (per filing) | 代表取締役社長 山田 拓郎 |
| Founded | Aug 1989 |
| Share capital | ¥589.6M |
| Employees (consolidated) | 128 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | February |
| Website | www.gd-inc.co.jp (https://www.gd-inc.co.jp/) |
| Corporate number | 1030001090714 |
| EDINET | E02464 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100Y66O, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.9 | 18 |
| Profitability | 52.5 | 20 |
| Cash conversion | 8.8 | 17 |
| Efficiency | 7.5 | 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)

- Graphite Design brought in ¥2.71B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -11.8% from the prior year, operating profit -70.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.71B |  |
| Operating income | ¥156.5M | Margin 5.8% |
| Net income | ¥144.4M | Margin 5.3% |
| Free cash flow | -¥1B |  |
| Employees (consolidated) | 128 |  |
| EPS | ¥22.26 |  |
| Book value per share | ¥774.45 |  |
| Equity ratio | 71.6% |  |
| Shares outstanding | 6,945,600 |  |
| Treasury shares | 460,100 |  |
| Shareholders | 4,299 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 45.0% | Cash ÷ revenue 116.4% |
| Vs. industry median margin | +0.1 pp | Sporting Goods & Fitness |
| ROE | 2.9% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2604225000 | ¥2711902000 | +4.1% |
| Operating income | ¥198437000 | ¥156533000 | -21.1% |
| Operating margin | 7.6% | 5.8% | -1.8 pp |
| Employees | 119 people | 128 people | +7.6% |
| Cash and equivalents | ¥3342883000 | ¥3157578000 | -5.5% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,712 | 100.0% | S100Y66O |
| Cost of revenue | 1,230 | 45.4% | 算出 |
| Gross profit | 1,482 | 54.6% | S100Y66O |
| SG&A | 1,325 | 48.9% | S100Y66O |
| Operating income | 157 | 5.8% | S100Y66O |
| Ordinary income | 216 | 8.0% | S100Y66O |
| Pretax income | 220 | 8.1% | S100Y66O |
| Income tax | 76 | 2.8% | S100Y66O |
| Net income | 144 | 5.3% | S100Y66O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 49 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 54.6% → Operating margin 5.8% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -11.8%; Core profit growth: -70.7%
Operating leverage (core profit growth ÷ revenue growth): 6.00×
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 | 3,074 | 2,712 | -362 | -11.8% |
| Gross profit | 1,760 | 1,482 | -278 | -15.8% |
| Operating income | 534 | 157 | -378 | -70.7% |
| Operating cash flow | 659 | -191 | -851 | -129.0% |
| Free cash flow | 208 | -1,004 | -1,212 | -582.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 2,543 | 61 | 2.4% | 45 | 127 | 67 | S100LFIK |
| FY ending Feb 2021 | 2,604 | 198 | 7.6% | 127 | 97 | 55 | S100O4B3 |
| FY ending Feb 2022 | 3,333 | 704 | 21.1% | 516 | 832 | 709 | S100QT97 |
| FY ending Feb 2023 | 3,551 | 771 | 21.7% | 615 | 363 | 55 | S100TII6 |
| FY ending Feb 2024 | 2,653 | 152 | 5.7% | 175 | 244 | 121 | S100VTRO |
| FY ending Feb 2025 | 3,074 | 534 | 17.4% | 377 | 659 | 208 | S100Y66O |
| FY ending Feb 2026 | 2,712 | 157 | 5.8% | 144 | -191 | -1,004 | S100Y66O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.2M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 120 | 123 | 125 | 128 | 128 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.5M | ¥5.3M | ¥5.8M |
| Average age (parent company) | 40.0 years | 41.0 years | 41.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 13.0 years | 13.0 years | 13.0 years | 13.0 years | 15.0 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -11.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -191 | -7.0% | S100Y66O |
| Capital expenditure | 813 | 30.0% | S100Y66O |
| Free cash flow | -1,004 | -37.0% | 算出 |
| Investing cash flow | -819 | -30.2% | S100Y66O |
| Financing cash flow | 178 | 6.6% | S100Y66O |
| Dividends paid | 195 | 7.2% | S100Y66O |
| Share buyback | 0 | 0.0% | S100Y66O |
| Change in cash | -810 | -29.9% | S100Y66O |
| Cash and equivalents | 3,158 | 116.4% | S100Y66O |

## 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 | 3,916 | 3,815 | 3,630 | 3,967 | 3,158 | S100TII6, S100VTRO, S100Y66O |
| Total assets | 6,019 | 6,442 | 6,045 | 6,783 | 7,019 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Net assets | 4,756 | 5,086 | 4,891 | 5,043 | 5,023 | S100TII6, S100VTRO, S100Y66O |
| Share capital | 590 | 590 | 590 | 590 | 590 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Property, plant and equipment | 818 | 1,016 | 1,027 | 1,414 | 2,117 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Intangible assets excluding goodwill | 38 | 31 | 26 | 21 | 20 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Investment securities | 25 | 33 | 38 | 41 | 85 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Current assets | 4,930 | 5,140 | 4,723 | 5,053 | 4,537 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Current liabilities | 907 | 960 | 718 | 944 | 794 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Short-term borrowings | 303 | 383 | 393 | 373 | 283 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Long-term borrowings | — | — | — | 303 | 646 | S100Y66O |
| Total liabilities | 1,263 | 1,357 | 1,154 | 1,740 | 1,997 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Equity attributable to owners of parent | 4,752 | 5,076 | 4,878 | 5,028 | 4,978 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Retained earnings | 4,004 | 4,327 | 4,113 | 4,262 | 4,212 | S100QT97, S100TII6, S100VTRO, S100Y66O |
| Treasury stock | -424 | -424 | -407 | -407 | -407 | S100QT97, S100TII6, S100VTRO, S100Y66O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100Y66O |
| Property, plant and equipment | 30% | S100Y66O |
| Intangibles and goodwill | 0% | S100Y66O |
| Investment securities | 1% | S100Y66O |
| Other assets | 24% | S100Y66O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100Y66O |
| Equity | 72% | S100Y66O |
| Other liabilities | 0% | S100Y66O |

### 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 | 6,019 | 6,442 | 6,045 | 6,783 | 7,019 |
| Equity | 4,756 | 5,086 | 4,891 | 5,043 | 5,023 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,916 | 3,815 | 3,630 | 3,967 | 3,158 |

## 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) | 78.1% | S100Y66O |
| Fixed assets ÷ total assets | 30.2% | S100Y66O |
| Goodwill ÷ parent equity | — | —, S100Y66O |

### 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) | 45.0% |
| Cash ÷ revenue | 116.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -122.0% |
| Cash vs. profit gap | -335 JPY mn (of net income -232.3%) |
| Shareholder returns / net income | 135.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 135.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 30.0% |
| Investing CF relative to operating CF | — |

## 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 | 15.5% | 0.55× | 8.6% | 1.27× | 10.9% | S100QT97 |
| 2023 | 17.3% | 0.57× | 9.9% | 1.27× | 12.5% | S100TII6 |
| 2024 | 6.6% | 0.42× | 2.8% | 1.25× | 3.5% | S100VTRO |
| 2025 | 12.3% | 0.48× | 5.9% | 1.30× | 7.6% | S100Y66O |
| 2026 | 5.3% | 0.39× | 2.1% | 1.38× | 2.9% | S100Y66O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山田拓郎 | Major shareholder | 14.6% | 2026-02-28 |
| 東レ株式会社 | Major shareholder | 5.5% | 2026-02-28 |
| 株式会社TNNアドバイザーズ | Major shareholder | 5.3% | 2026-02-28 |
| 高野宗紀 | Major shareholder | 5.0% | 2026-02-28 |
| 山田園子 | Major shareholder | 4.0% | 2026-02-28 |
| 木本裕二 | Major shareholder | 3.2% | 2026-02-28 |
| 高野洋子 | Major shareholder | 2.0% | 2026-02-28 |
| 株式会社港屋 | Major shareholder | 1.6% | 2026-02-28 |
| 牧野挙一郎 | Major shareholder | 1.6% | 2026-02-28 |
| 杉浦久夫 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/03/01－2026/02/28) | S100Y66O | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y66O,, |
| 有価証券報告書－第36期(2024/03/01－2025/02/28) | S100VTRO | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTRO,, |
| 有価証券報告書－第35期(2023/03/01－2024/02/29) | S100TII6 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TII6,, |
| 有価証券報告書－第34期(2022/03/01－2023/02/28) | S100QT97 | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QT97,, |
| 有価証券報告書－第33期(令和3年3月1日－令和4年2月28日) | S100O4B3 | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4B3,, |
| 有価証券報告書－第32期(令和2年3月1日－令和3年2月28日) | S100LFIK | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFIK,, |

## 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).