# GSI Creos Corporation: 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96期(2025/04/01－2026/03/31) (S100YGXI)
> Page: https://vizora.meequs.com/en/company/gsi-creos
> Retrieved: 2026-09-30T22:01:24.942Z

## Company

GSI Creos, founded in 1931, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 845 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GSI Creos Corporation |
| Ticker | 8101 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8101.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝三丁目8番2号 |
| Representative (per filing) | 代表取締役兼社長執行役員 CEO 吉永直明 |
| Founded | Oct 1931 |
| Share capital | ¥7.19B |
| Employees (consolidated) | 845 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.gsi.co.jp (https://www.gsi.co.jp/) |
| Corporate number | 3010001008666 |
| EDINET | E02549 |
| Industries (Vizora) | Specialty Trading & Wholesale, Apparel |

> Profile source: annual securities report (S100YGXI, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83 | 179 |
| Profitability | 32.7 | 185 |
| Cash conversion | 70.7 | 179 |
| Efficiency | 83 | 185 |

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 63% of GSI Creos's sales come from Fibers, with Outerwear and Chemicals making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +14.0% from the prior year, operating profit +22.2%.

## Company structure

- Segment revenue mix: Fibers 62.7%、Outerwear 14.2%、Chemicals 8.0%、Innerwear 6.0%、Semiconductors 3.2%
- Revenue → net income: ¥188677000000 → ¥2544000000
- Net income → operating cash flow: ¥2544000000 → ¥4843000000（difference ¥2299000000）
- Main uses of operating cash flow: CapEx ¥621000000 / dividends ¥1190000000 / buybacks ¥107000000
- Change in cash: ¥-170000000
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 | ¥188.7B |  |
| Operating income | ¥3.6B | Margin 1.9% |
| Net income | ¥2.54B | Margin 1.3% |
| Free cash flow | ¥4.22B |  |
| Largest business | Fibers | of segment revenue 62.7% |
| Employees (consolidated) | 845 |  |
| EPS | ¥153.87 |  |
| Book value per share | ¥1660.5 |  |
| Equity ratio | 36.1% |  |
| Shares outstanding | 12,629,000 |  |
| Treasury shares | 389,700 |  |
| Shareholders | 28,024 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 8.9% | Cash ÷ revenue 4.2% |
| Vs. industry median margin | -1 pp | Specialty Trading & Wholesale |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -48 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥116375000000 | ¥188677000000 | +62.1% |
| Operating income | ¥3632000000 | ¥3605000000 | -0.7% |
| Operating margin | 3.1% | 1.9% | -1.2 pp |
| Employees | 691 people | 845 people | +22.3% |
| Cash and equivalents | ¥14594000000 | ¥7935000000 | -45.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 繊維関連事業 → 事業再編・廃止 | 76.9% |
| 工業製品関連事業 → 事業再編・廃止 | 23.1% |
| 新設・再編 → ファイバー | 62.7% |
| 新設・再編 → アウター | 14.2% |
| 新設・再編 → インナー | 6.0% |
| 新設・再編 → セミコンダクター | 3.2% |
| 新設・再編 → ケミカル | 8.0% |
| 新設・再編 → ホビー＆ライフ | 2.7% |
| 新設・再編 → マシナリー＆イクイップメント | 3.2% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fibers | 3 years | +19.6% | ¥118301000000 | 0.5% | 2 |
| Outerwear | 3 years | +14.1% | ¥26716000000 | 6.1% | 2 |
| Chemicals | 3 years | +9.9% | ¥15073000000 | 4.8% | 2 |
| Innerwear | 3 years | -0.5% | ¥11407000000 | 2.1% | 2 |
| Semiconductors | 3 years | -17.5% | ¥6085000000 | 2.0% | 2 |
| Machinery and Equipment | 3 years | +6.5% | ¥6056000000 | 7.6% | 2 |
| Hobby and Life | 3 years | -0.3% | ¥5036000000 | 9.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 188,677 | 100.0% | S100YGXI |
| Cost of revenue | 170,004 | 90.1% | S100YGXI |
| Gross profit | 18,672 | 9.9% | S100YGXI |
| SG&A | 15,067 | 8.0% | S100YGXI |
| Operating income | 3,605 | 1.9% | S100YGXI |
| Ordinary income | 3,924 | 2.1% | S100YGXI |
| Pretax income | 4,088 | 2.2% | S100YGXI |
| Income tax | 1,543 | 0.8% | S100YGXI |
| Net income | 2,544 | 1.3% | S100YGXI |
| Net income attributable to owners | 2,544 | 1.3% | S100YGXI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 9.9% → Operating margin 1.9% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.0%; Core profit growth: +22.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.59×
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 | 165,541 | 188,677 | 23,136 | +14.0% |
| Gross profit | 16,858 | 18,672 | 1,814 | +10.8% |
| Operating income | 2,950 | 3,605 | 655 | +22.2% |
| Net income attributable to owners | 2,358 | 2,544 | 186 | +7.9% |
| Operating cash flow | 2,713 | 4,843 | 2,130 | +78.5% |
| Free cash flow | 2,663 | 4,222 | 1,559 | +58.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 115,548 | 1,191 | 1.0% | 1,008 | 913 | 835 | S100LP05 |
| FY ending Mar 2021 | 116,375 | 3,632 | 3.1% | 2,026 | 5,379 | 5,291 | S100OJ4W |
| FY ending Mar 2022 | 111,829 | 2,008 | 1.8% | 1,638 | -7,084 | -7,340 | S100RBTT |
| FY ending Mar 2023 | 131,054 | 1,829 | 1.4% | 1,769 | -1,719 | -1,791 | S100U6A3 |
| FY ending Mar 2024 | 146,194 | 2,881 | 2.0% | 2,019 | 183 | 34 | S100W83R |
| FY ending Mar 2025 | 165,541 | 2,950 | 1.8% | 2,358 | 2,713 | 2,663 | S100YGXI |
| FY ending Mar 2026 | 188,677 | 3,605 | 1.9% | 2,544 | 4,843 | 4,222 | S100YGXI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥223.3M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3M |

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) | 624 | 610 | 658 | 823 | 845 |
| Average salary (parent company) | ¥6.6M | ¥6.9M | ¥7.1M | ¥7.4M | ¥7.7M |
| Average age (parent company) | 41.8 years | 41.8 years | 41.9 years | 42.1 years | 41.9 years |
| Average tenure (parent company) | 15.9 years | 16.2 years | 15.7 years | 15.6 years | 15.2 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +14.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fibers | 118,301 | 62.7% | 637 | 0.5% |
| Outerwear | 26,716 | 14.2% | 1,625 | 6.1% |
| Innerwear | 11,407 | 6.0% | 241 | 2.1% |
| Semiconductors | 6,085 | 3.2% | 120 | 2.0% |
| Chemicals | 15,073 | 8.0% | 727 | 4.8% |
| Hobby and Life | 5,036 | 2.7% | 462 | 9.2% |
| Machinery and Equipment | 6,056 | 3.2% | 459 | 7.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fibers | 62.7% | 14.9% | -47.8 | 0.5% |
| Outerwear | 14.2% | 38.0% | 23.9 | 6.1% |
| Innerwear | 6.0% | 5.6% | -0.4 | 2.1% |
| Semiconductors | 3.2% | 2.8% | -0.4 | 2.0% |
| Chemicals | 8.0% | 17.0% | 9.0 | 4.8% |
| Hobby and Life | 2.7% | 10.8% | 8.1 | 9.2% |
| Machinery and Equipment | 3.2% | 10.7% | 7.5 | 7.6% |

Segment → industry: Fibers → Specialty Trading & Wholesale / Outerwear → Specialty Trading & Wholesale / Outerwear → Apparel / Innerwear → Specialty Trading & Wholesale / Innerwear → Apparel / Semiconductors → Specialty Trading & Wholesale / Chemicals → Specialty Trading & Wholesale / Hobby and Life → Specialty Trading & Wholesale / Machinery and Equipment → Specialty Trading & Wholesale

## 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 | 4,843 | 2.6% | S100YGXI |
| Capital expenditure | 621 | 0.3% | S100YGXI |
| Free cash flow | 4,222 | 2.2% | 算出 |
| Investing cash flow | -1,927 | -1.0% | S100YGXI |
| Financing cash flow | -3,221 | -1.7% | S100YGXI |
| Dividends paid | 1,190 | 0.6% | S100YGXI |
| Share buyback | 107 | 0.1% | S100YGXI |
| Change in cash | -170 | -0.1% | S100YGXI |
| Cash and equivalents | 7,935 | 4.2% | S100YGXI |

## 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 | 8,078 | 8,352 | 10,346 | 7,994 | 7,935 | S100U6A3, S100W83R, S100YGXI |
| Total assets | 60,929 | 69,412 | 75,336 | 79,965 | 89,305 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Net assets | 24,512 | 25,929 | 27,450 | 30,086 | 32,210 | S100U6A3, S100W83R, S100YGXI |
| Share capital | 7,186 | 7,186 | 7,186 | 7,186 | 7,186 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Property, plant and equipment | 3,659 | 3,741 | 2,026 | 2,945 | 3,577 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Intangible assets excluding goodwill | 736 | 631 | 524 | 434 | 436 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Goodwill | 436 | 379 | 313 | — | — | S100RBTT, S100U6A3, S100W83R |
| Investment securities | 5,716 | 5,483 | 5,188 | 5,978 | 6,510 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Current assets | 48,963 | 57,650 | 65,313 | 68,587 | 76,362 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Current liabilities | 34,239 | 41,456 | 46,634 | 46,767 | 53,027 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Trade payables | 18,514 | 23,959 | 25,512 | 26,094 | 36,651 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Short-term borrowings | 10,919 | 12,821 | 14,268 | 12,095 | 10,336 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Long-term borrowings | 1,236 | 1,153 | 557 | 1,014 | 500 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Total liabilities | 36,416 | 43,482 | 47,886 | 49,879 | 57,095 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Equity attributable to owners of parent | 22,154 | 23,135 | 24,271 | 25,624 | 26,916 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Retained earnings | 14,405 | 15,377 | 16,502 | 17,842 | 19,225 | S100RBTT, S100U6A3, S100W83R, S100YGXI |
| Treasury stock | -291 | -287 | -284 | -280 | -381 | S100RBTT, S100U6A3, S100W83R, S100YGXI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGXI |
| Property, plant and equipment | 4% | S100YGXI |
| Intangibles and goodwill | 1% | S100YGXI |
| Investment securities | 7% | S100YGXI |
| Other assets | 79% | S100YGXI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 41% | S100YGXI |
| Other liabilities | 23% | S100YGXI |
| Equity | 36% | S100YGXI |

### 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 | 60,929 | 69,412 | 75,336 | 79,965 | 89,305 |
| Equity | 24,512 | 25,929 | 27,450 | 30,086 | 32,210 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,078 | 8,352 | 10,346 | 7,994 | 7,935 |

## 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) | 1.9% | S100YGXI |
| Fixed assets ÷ total assets | 4.0% | S100YGXI |
| Goodwill ÷ parent equity | — | —, S100YGXI |

### 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) | 8.9% |
| Cash ÷ revenue | 4.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.3% |
| Cash vs. profit gap | 2,299 JPY mn (of net income 90.4%) |
| Shareholder returns / net income | 51.0% |
| Shareholder returns / FCF | 30.7% |
| Shareholder payments — dividends / net income | 46.8% |
| Shareholder payments — dividends / FCF | 28.2% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 39.8% |

## 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 | 1.5% | 1.84× | 2.7% | 2.75× | 7.4% | S100RBTT |
| 2023 | 1.3% | 2.01× | 2.7% | 2.88× | 7.8% | S100U6A3 |
| 2024 | 1.4% | 2.02× | 2.8% | 3.05× | 8.5% | S100W83R |
| 2025 | 1.4% | 2.13× | 3.0% | 3.11× | 9.5% | S100YGXI |
| 2026 | 1.3% | 2.23× | 3.0% | 3.22× | 9.7% | S100YGXI |

## 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 | 11.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.1% | 2026-03-31 |
| グンゼ株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 東レ株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.7% | 2026-03-31 |
| ＱＲ２号ファンド投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| ＧＳＩクレオス従業員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 松下彰利 | Major shareholder | 1.2% | 2026-03-31 |
| 小松マテーレ株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/04/01－2026/03/31) | S100YGXI | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGXI,, |
| 有価証券報告書－第95期(2024/04/01－2025/03/31) | S100W83R | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W83R,, |
| 訂正有価証券報告書－第94期(2023/04/01－2024/03/31) | S100U6A3 | 2024-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U6A3,, |
| 訂正有価証券報告書－第93期(2022/04/01－2023/03/31) | S100RBTT | 2023-07-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RBTT,, |
| 有価証券報告書－第92期(令和3年4月1日－令和4年3月31日) | S100OJ4W | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ4W,, |
| 有価証券報告書－第91期(令和2年4月1日－令和3年3月31日) | S100LP05 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP05,, |

## 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).