# GUNZE LIMITED: 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130期(2025/04/01－2026/03/31) (S100YGEM)
> Page: https://vizora.meequs.com/en/company/gunze
> Retrieved: 2026-09-30T17:49:47.347Z

## Company

Gunze, founded in 1896, is a company in Medical Devices listed on TSE Prime. It has 4,102 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GUNZE LIMITED |
| Ticker | 3002 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3002.T) |
| Listing | TSE Prime |
| Head office | 京都府綾部市青野町膳所1番地 |
| Representative (per filing) | 代表取締役社長 佐口 敏康 |
| Founded | Aug 1896 |
| Share capital | ¥26.1B |
| Employees (consolidated) | 4,102 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.gunze.co.jp (https://www.gunze.co.jp/) |
| Corporate number | 7130001041734 |
| EDINET | E00520 |
| Industries (Vizora) | Medical Devices, Chemicals, Sporting Goods & Fitness, Real Estate Development & Leasing, Apparel |

> Profile source: annual securities report (S100YGEM, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33.6 | 55 |
| Profitability | 54.9 | 61 |
| Cash conversion | 92.6 | 47 |
| Efficiency | 32 | 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 45% of Gunze's sales come from Apparel, with Function solution and MedicalReportableSegmentsMember making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -4.5% from the prior year, operating profit -38.4%.

## Company structure

- Segment revenue mix: Apparel 44.6%、Function solution 35.8%、MedicalReportableSegmentsMember 10.1%、Life create 9.5%
- Revenue → net income: ¥130918000000 → ¥585000000
- Net income → operating cash flow: ¥585000000 → ¥17271000000（difference ¥16686000000）
- Main uses of operating cash flow: CapEx ¥12149000000 / dividends ¥6307000000 / buybacks ¥5007000000
- Change in cash: ¥-604000000
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 | ¥130.9B |  |
| Operating income | ¥4.88B | Margin 3.7% |
| Net income | ¥509M | Margin 0.4% |
| Free cash flow | ¥5.12B |  |
| Largest business | Apparel | of segment revenue 44.6% |
| Employees (consolidated) | 4,102 |  |
| EPS | ¥47.97 |  |
| Diluted EPS | ¥47.88 |  |
| Book value per share | ¥3186.96 |  |
| Equity ratio | 72.8% |  |
| Shares outstanding | 31,587,032 |  |
| Treasury shares | 242,000 |  |
| Shareholders | 40,054 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 6.5% | Cash ÷ revenue 7.6% |
| Vs. industry median margin | +0.7 pp | Apparel |
| ROE | 0.5% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 33.9× net income
- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, segment profit share differs by 37 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥123649000000 | ¥130918000000 | +5.9% |
| Operating income | ¥4673000000 | ¥4882000000 | +4.5% |
| Operating margin | 3.8% | 3.7% | -0.1 pp |
| Employees | 5,808 people | 4,102 people | -29.4% |
| Cash and equivalents | ¥9717000000 | ¥9936000000 | +2.3% |

### 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 |
| --- | ---: |
| 機能ソリューション事業 → 機能ソリューション事業 | 35.8% |
| 機能ソリューション事業 → 事業再編・廃止 | 4.1% |
| アパレル事業 → アパレル事業 | 44.6% |
| アパレル事業 → 事業再編・廃止 | 5.9% |
| ライフクリエイト事業 → ライフクリエイト事業 | 9.5% |
| ライフクリエイト事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → メディカル事業 | 10.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Apparel | 5 years | -1.4% | ¥58334000000 | -2.3% | 2 |
| Function solution | 5 years | -1.0% | ¥46898000000 | 15.4% | 2 |
| MedicalReportableSegmentsMember | 3 years | +6.4% | ¥13196000000 | 11.2% | 2 |
| Life create | 5 years | +1.1% | ¥12487000000 | 9.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 130,918 | 100.0% | S100YGEM |
| Cost of revenue | 91,042 | 69.5% | S100YGEM |
| Gross profit | 39,875 | 30.5% | S100YGEM |
| SG&A | 34,992 | 26.7% | S100YGEM |
| Operating income | 4,882 | 3.7% | S100YGEM |
| Ordinary income | 4,920 | 3.8% | S100YGEM |
| Pretax income | 1,144 | 0.9% | S100YGEM |
| Income tax | 559 | 0.4% | S100YGEM |
| Net income | 585 | 0.4% | S100YGEM |
| Net income attributable to owners | 509 | 0.4% | S100YGEM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 27 |
| Operating income | 4 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 30.5% → Operating margin 3.7% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.5%; Core profit growth: -38.4%
Operating leverage (core profit growth ÷ revenue growth): 8.49×
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 | 137,117 | 130,918 | -6,199 | -4.5% |
| Gross profit | 43,182 | 39,875 | -3,307 | -7.7% |
| Operating income | 7,921 | 4,882 | -3,039 | -38.4% |
| Net income attributable to owners | 6,279 | 509 | -5,770 | -91.9% |
| Operating cash flow | 11,572 | 17,271 | 5,699 | +49.2% |
| Free cash flow | 1,376 | 5,122 | 3,746 | +272.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 140,311 | 6,746 | 4.8% | 4,387 | 13,688 | 4,089 | S100LM9S |
| FY ending Mar 2021 | 123,649 | 4,673 | 3.8% | 2,147 | 8,595 | 3,799 | S100OE2L |
| FY ending Mar 2022 | 124,314 | 4,880 | 3.9% | 2,939 | 9,155 | 4,414 | S100R1HY |
| FY ending Mar 2023 | 136,030 | 5,812 | 4.3% | 4,501 | 1,794 | -8,432 | S100TOJH |
| FY ending Mar 2024 | 132,885 | 6,777 | 5.1% | 5,109 | 10,409 | 3,243 | S100W1AS |
| FY ending Mar 2025 | 137,117 | 7,921 | 5.8% | 6,279 | 11,572 | 1,376 | S100YGEM |
| FY ending Mar 2026 | 130,918 | 4,882 | 3.7% | 509 | 17,271 | 5,122 | S100YGEM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.9M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥124.1K |

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) | 5,692 | 5,214 | 4,883 | 4,339 | 4,102 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.2M | ¥6.4M | ¥6.5M |
| Average age (parent company) | 43.7 years | 43.3 years | 43.5 years | 43.5 years | 42.8 years |
| Average tenure (parent company) | 20.2 years | 19.7 years | 20.0 years | 19.9 years | 19.1 years |

Year over year: Employees (consolidated) -5.5% · Revenue (consolidated) -4.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Function solution | 46,898 | 35.8% | 7,234 | 15.4% |
| MedicalReportableSegmentsMember | 13,196 | 10.1% | 1,474 | 11.2% |
| Apparel | 58,334 | 44.6% | -1,334 | -2.3% |
| Life create | 12,487 | 9.5% | 1,232 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Function solution | 35.8% | 72.8% | 37.0 | 15.4% |
| MedicalReportableSegmentsMember | 10.1% | 14.8% | 4.7 | 11.2% |
| Apparel | 44.6% | — | — | -2.3% |
| Life create | 9.5% | 12.4% | 2.9 | 9.9% |

Loss-making segment (excluded from profit shares): Apparel -1,334 JPY mn

Segment → industry: MedicalReportableSegmentsMember → Medical Devices / Function solution → Chemicals / Life create → Sporting Goods & Fitness / Life create → Real Estate Development & Leasing / Apparel → Apparel

## 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 | 17,271 | 13.2% | S100YGEM |
| Capital expenditure | 12,149 | 9.3% | S100YGEM |
| Free cash flow | 5,122 | 3.9% | 算出 |
| Investing cash flow | -11,585 | -8.8% | S100YGEM |
| Financing cash flow | -6,320 | -4.8% | S100YGEM |
| Dividends paid | 6,307 | 4.8% | S100YGEM |
| Share buyback | 5,007 | 3.8% | S100YGEM |
| Change in cash | -604 | -0.5% | S100YGEM |
| Cash and equivalents | 9,936 | 7.6% | S100YGEM |

## 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 | 14,469 | 11,547 | 10,818 | 10,541 | 9,936 | S100TOJH, S100W1AS, S100YGEM |
| Total assets | 158,216 | 165,927 | 161,971 | 159,677 | 153,612 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Net assets | 114,790 | 117,691 | 120,467 | 120,982 | 113,746 | S100TOJH, S100W1AS, S100YGEM |
| Share capital | 26,071 | 26,071 | 26,071 | 26,071 | 26,071 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Trade receivables | 26,634 | — | — | — | — | S100OE2L |
| Property, plant and equipment | 59,490 | 63,117 | 63,597 | 67,764 | 68,899 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Intangible assets excluding goodwill | 1,343 | 1,446 | 1,928 | 1,786 | 1,385 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Investment securities | 11,964 | 11,698 | 6,833 | 3,924 | 3,530 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Current assets | 79,199 | 83,580 | 80,796 | 77,974 | 69,266 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Current liabilities | 31,221 | 30,052 | 24,890 | 24,551 | 27,636 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Trade payables | 8,928 | 10,010 | 8,286 | 8,138 | 7,164 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Short-term borrowings | 5,018 | 6,077 | 252 | 577 | 875 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Long-term borrowings | 2,317 | 8,638 | 8,230 | 5,668 | 5,261 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Total liabilities | 43,425 | 48,235 | 41,503 | 38,694 | 39,865 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Non-controlling interests | 1,755 | 1,808 | 1,700 | 1,796 | 1,894 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Equity attributable to owners of parent | 109,423 | 110,566 | 111,239 | 112,656 | 101,636 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Retained earnings | 81,184 | 78,972 | 81,576 | 85,297 | 69,755 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |
| Treasury stock | -4,399 | -1,044 | -2,974 | -5,273 | -761 | S100R1HY, S100TOJH, S100W1AS, S100YGEM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YGEM |
| Property, plant and equipment | 45% | S100YGEM |
| Intangibles and goodwill | 1% | S100YGEM |
| Investment securities | 2% | S100YGEM |
| Other assets | 46% | S100YGEM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YGEM |
| Other liabilities | 21% | S100YGEM |
| Equity | 74% | S100YGEM |
| Other liabilities | 0% | S100YGEM |

### 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 | 158,216 | 165,927 | 161,971 | 159,677 | 153,612 |
| Equity | 114,790 | 117,691 | 120,467 | 120,982 | 113,746 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,469 | 11,547 | 10,818 | 10,541 | 9,936 |

## 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) | 52.6% | S100YGEM |
| Fixed assets ÷ total assets | 44.9% | S100YGEM |
| Goodwill ÷ parent equity | — | —, S100YGEM |

### 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) | 6.5% |
| Cash ÷ revenue | 7.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 353.8% |
| Cash vs. profit gap | 16,762 JPY mn (of net income 3293.1%) |
| Shareholder returns / net income | 2222.8% |
| Shareholder returns / FCF | 220.9% |
| Shareholder payments — dividends / net income | 1239.1% |
| Shareholder payments — dividends / FCF | 123.1% |
| CapEx intensity (capex ÷ revenue) | 9.3% |
| Investing CF relative to operating CF | 67.1% |

## 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 | 2.4% | 0.79× | 1.9% | 1.45× | 2.7% | S100R1HY |
| 2023 | 3.3% | 0.84× | 2.8% | 1.47× | 4.1% | S100TOJH |
| 2024 | 3.8% | 0.81× | 3.1% | 1.48× | 4.6% | S100W1AS |
| 2025 | 4.6% | 0.85× | 3.9% | 1.44× | 5.6% | S100YGEM |
| 2026 | 0.4% | 0.84× | 0.3% | 1.46× | 0.5% | S100YGEM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 12.6% | 2026-03-31 |
| ㈱日本カストディ銀行 | Major shareholder | 8.4% | 2026-03-31 |
| グンゼグループ従業員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| ㈱京都銀行 | Major shareholder | 2.1% | 2026-03-31 |
| ㈱ＧＳＩクレオス | Major shareholder | 1.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.0% | 2026-03-31 |
| 倉敷紡績㈱ | Major shareholder | 1.0% | 2026-03-31 |
| グンゼ共栄会 | Major shareholder | 0.9% | 2026-03-31 |
| 第一生命保険㈱ | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第130期(2025/04/01－2026/03/31) | S100YGEM | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGEM,, |
| 有価証券報告書－第129期(2024/04/01－2025/03/31) | S100W1AS | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1AS,, |
| 有価証券報告書－第128期(2023/04/01－2024/03/31) | S100TOJH | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOJH,, |
| 有価証券報告書－第127期(2022/04/01－2023/03/31) | S100R1HY | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1HY,, |
| 有価証券報告書－第126期(令和3年4月1日－令和4年3月31日) | S100OE2L | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE2L,, |
| 有価証券報告書－第125期(令和2年4月1日－令和3年3月31日) | S100LM9S | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM9S,, |

## 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).