# ICHIKAWA CO., LTD.: 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102期(2025/04/01－2026/03/31) (S100YE5G)
> Page: https://vizora.meequs.com/en/company/ichikawa
> Retrieved: 2026-09-30T19:42:05.911Z

## Company

Ichikawa, founded in 1918, is a company in Textiles & Fibers listed on TSE Standard. It has 639 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ICHIKAWA CO., LTD. |
| Ticker | 3513 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3513.T) |
| Listing | TSE Standard |
| Head office | 東京都文京区本郷二丁目14番15号 |
| Representative (per filing) | 代表取締役社長 矢崎孝信 |
| Founded | Nov 1918 |
| Share capital | ¥3.59B |
| Employees (consolidated) | 639 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.ik-felt.co.jp (https://www.ik-felt.co.jp/) |
| Corporate number | 1010001000708 |
| EDINET | E00572 |
| Industries (Vizora) | Textiles & Fibers |

> Profile source: annual securities report (S100YE5G, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.6 | 14 |
| Profitability | 96.9 | 16 |
| Cash conversion | 45.8 | 12 |
| Efficiency | 28.1 | 16 |

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 57% of Ichikawa's sales come from Japan, with Europe and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +46.5%.

## Company structure

- Segment revenue mix: Japan 56.5%、Europe 18.9%、North America 14.0%、China 4.0%、Thailand 3.3%
- Revenue → net income: ¥14791000000 → ¥1174000000
- Net income → operating cash flow: ¥1174000000 → ¥1862000000（difference ¥688000000）
- Main uses of operating cash flow: CapEx ¥1580000000 / dividends ¥351000000 / buybacks ¥483000000
- Change in cash: ¥-1242000000
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 | ¥14.8B |  |
| Operating income | ¥1.57B | Margin 10.6% |
| Net income | ¥1.17B | Margin 7.9% |
| Free cash flow | ¥282M |  |
| Largest business | Japan | of segment revenue 56.5% |
| Employees (consolidated) | 639 |  |
| EPS | ¥275.35 |  |
| Book value per share | ¥5114.86 |  |
| Equity ratio | 75.0% |  |
| Shares outstanding | 4,967,151 |  |
| Treasury shares | 598,400 |  |
| Shareholders | 3,083 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 34.6% |
| Vs. industry median margin | +7.2 pp | Textiles & Fibers |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, employees -3% while operating income rose 46%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11598819000 | ¥14791000000 | +27.5% |
| Operating income | ¥323491000 | ¥1570000000 | +385.3% |
| Operating margin | 2.8% | 10.6% | +7.8 pp |
| Employees | 697 people | 639 people | -8.3% |
| Cash and equivalents | ¥3614000000 | ¥5125000000 | +41.8% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 56.5% |
| 日本 → 事業再編・廃止 | 9.1% |
| 北米 → 北米 | 10.9% |
| 欧州 → 欧州 | 14.5% |
| 中国 → 中国 | 3.0% |
| タイ → タイ | 2.2% |
| 工業用事業 → 工業用事業 | 3.2% |
| 工業用事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 北米 | 3.1% |
| 新設・再編 → 欧州 | 4.4% |
| 新設・再編 → 中国 | 1.0% |
| 新設・再編 → タイ | 1.1% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +1.9% | ¥8361000000 | 35.5% | 2 |
| Europe | 5 years | +10.7% | ¥2799000000 | 6.4% | 2 |
| North America | 5 years | +10.4% | ¥2072000000 | 4.0% | 2 |
| China | 5 years | +11.1% | ¥593000000 | 14.7% | 2 |
| Thailand | 5 years | +14.1% | ¥484000000 | 3.9% | 2 |
| Industrial business | 5 years | +2.1% | ¥479000000 | 3.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,791 | 100.0% | S100YE5G |
| Cost of revenue | 8,069 | 54.6% | S100YE5G |
| Gross profit | 6,721 | 45.4% | S100YE5G |
| SG&A | 5,151 | 34.8% | S100YE5G |
| Operating income | 1,570 | 10.6% | S100YE5G |
| Ordinary income | 1,633 | 11.0% | S100YE5G |
| Pretax income | 1,624 | 11.0% | S100YE5G |
| Income tax | 450 | 3.0% | S100YE5G |
| Net income | 1,174 | 7.9% | S100YE5G |
| Net income attributable to owners | 1,173 | 7.9% | S100YE5G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 35 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 45.4% → Operating margin 10.6% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +46.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.68×
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 | 13,947 | 14,791 | 844 | +6.1% |
| Gross profit | 6,015 | 6,721 | 706 | +11.7% |
| Operating income | 1,072 | 1,570 | 498 | +46.5% |
| Net income attributable to owners | 782 | 1,173 | 391 | +50.0% |
| Operating cash flow | 1,401 | 1,862 | 461 | +32.9% |
| Free cash flow | 327 | 282 | -45 | -13.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,946 | 419 | 3.5% | 358 | 1,450 | -265 | S100LUEG |
| FY ending Mar 2021 | 11,599 | 323 | 2.8% | 370 | 1,716 | 348 | S100OLLY |
| FY ending Mar 2022 | 12,355 | 531 | 4.3% | 523 | 1,580 | 1,121 | S100R5U4 |
| FY ending Mar 2023 | 13,344 | 800 | 6.0% | 833 | 1,729 | 1,494 | S100TU33 |
| FY ending Mar 2024 | 13,603 | 1,115 | 8.2% | 1,018 | 1,992 | 1,428 | S100W7DH |
| FY ending Mar 2025 | 13,947 | 1,072 | 7.7% | 782 | 1,401 | 327 | S100YE5G |
| FY ending Mar 2026 | 14,791 | 1,570 | 10.6% | 1,173 | 1,862 | 282 | S100YE5G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.1M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 692 | 687 | 673 | 660 | 639 |
| Average salary (parent company) | ¥5.7M | — | ¥6M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 43.7 years | 44.3 years | 44.6 years | 45.4 years | 43.6 years |
| Average tenure (parent company) | 22.3 years | 22.9 years | 23.3 years | 24.0 years | 23.7 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +6.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 8,361 | 56.5% | 2,964 | 35.5% |
| North America | 2,072 | 14.0% | 83 | 4.0% |
| Europe | 2,799 | 18.9% | 180 | 6.4% |
| China | 593 | 4.0% | 87 | 14.7% |
| Thailand | 484 | 3.3% | 19 | 3.9% |
| Industrial business | 479 | 3.2% | 18 | 3.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 56.5% | 88.5% | 31.9 | 35.5% |
| North America | 14.0% | 2.5% | -11.5 | 4.0% |
| Europe | 18.9% | 5.4% | -13.6 | 6.4% |
| China | 4.0% | 2.6% | -1.4 | 14.7% |
| Thailand | 3.3% | 0.6% | -2.7 | 3.9% |
| Industrial business | 3.2% | 0.5% | -2.7 | 3.8% |

Segment → industry: Industrial business → Textiles & Fibers / Thailand → Textiles & Fibers / China → Textiles & Fibers / Europe → Textiles & Fibers / North America → Textiles & Fibers / Japan → Textiles & Fibers

## 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 | 1,862 | 12.6% | S100YE5G |
| Capital expenditure | 1,580 | 10.7% | S100YE5G |
| Free cash flow | 282 | 1.9% | 算出 |
| Investing cash flow | -2,577 | -17.4% | S100YE5G |
| Financing cash flow | -734 | -5.0% | S100YE5G |
| Dividends paid | 351 | 2.4% | S100YE5G |
| Share buyback | 483 | 3.3% | S100YE5G |
| Change in cash | -1,242 | -8.4% | S100YE5G |
| Cash and equivalents | 5,125 | 34.6% | S100YE5G |

## 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 | 4,435 | 5,765 | 6,690 | 6,367 | 5,125 | S100TU33, S100W7DH, S100YE5G |
| Total assets | 25,732 | 26,643 | 29,242 | 29,466 | 32,078 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Net assets | 18,768 | 19,515 | 21,355 | 22,265 | 24,070 | S100TU33, S100W7DH, S100YE5G |
| Share capital | 3,594 | 3,594 | 3,594 | 3,594 | 3,594 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Property, plant and equipment | 9,655 | 8,997 | 8,529 | 8,448 | 8,820 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Intangible assets excluding goodwill | 88 | 74 | 123 | 273 | 565 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Investment securities | 3,699 | 3,687 | 5,280 | 5,682 | 7,257 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Current assets | 12,213 | 13,813 | 15,241 | 14,991 | 15,357 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Current liabilities | 2,919 | 3,159 | 3,754 | 3,425 | 3,886 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Trade payables | 376 | 602 | 811 | 714 | 811 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Short-term borrowings | 860 | 860 | 860 | 860 | 756 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Total liabilities | 6,964 | 7,128 | 7,887 | 7,201 | 8,008 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Non-controlling interests | 16 | 19 | 4 | 4 | 5 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Equity attributable to owners of parent | 17,320 | 17,873 | 18,301 | 18,507 | 19,185 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Retained earnings | 12,040 | 12,593 | 13,269 | 13,714 | 14,536 | S100R5U4, S100TU33, S100W7DH, S100YE5G |
| Treasury stock | -647 | -647 | -898 | -1,138 | -1,422 | S100R5U4, S100TU33, S100W7DH, S100YE5G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YE5G |
| Property, plant and equipment | 27% | S100YE5G |
| Intangibles and goodwill | 2% | S100YE5G |
| Investment securities | 23% | S100YE5G |
| Other assets | 32% | S100YE5G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YE5G |
| Other liabilities | 22% | S100YE5G |
| Equity | 75% | S100YE5G |

### 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 | 25,732 | 26,643 | 29,242 | 29,466 | 32,078 |
| Equity | 18,768 | 19,515 | 21,355 | 22,265 | 24,070 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,435 | 5,765 | 6,690 | 6,367 | 5,125 |

## 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) | 59.6% | S100YE5G |
| Fixed assets ÷ total assets | 27.5% | S100YE5G |
| Goodwill ÷ parent equity | — | —, S100YE5G |

### 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) | 16.0% |
| Cash ÷ revenue | 34.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.6% |
| Cash vs. profit gap | 689 JPY mn (of net income 58.7%) |
| Shareholder returns / net income | 71.1% |
| Shareholder returns / FCF | 295.7% |
| Shareholder payments — dividends / net income | 29.9% |
| Shareholder payments — dividends / FCF | 124.5% |
| CapEx intensity (capex ÷ revenue) | 10.7% |
| Investing CF relative to operating CF | 138.4% |

## 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 | 4.2% | 0.48× | 2.0% | 1.49× | 3.0% | S100R5U4 |
| 2023 | 6.2% | 0.51× | 3.2% | 1.49× | 4.7% | S100TU33 |
| 2024 | 7.5% | 0.49× | 3.6% | 1.54× | 5.6% | S100W7DH |
| 2025 | 5.6% | 0.48× | 2.7% | 1.59× | 4.2% | S100YE5G |
| 2026 | 7.9% | 0.48× | 3.8% | 1.63× | 6.2% | S100YE5G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 王子ホールディングス株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 日本製紙株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| イチカワ従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社千葉銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.7% | 2026-03-31 |
| 眞嶋 洋 | Major shareholder | 3.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社ナチュラリ | Major shareholder | 2.7% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YE5G | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE5G,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W7DH | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7DH,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TU33 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU33,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R5U4 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5U4,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OLLY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLLY,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LUEG | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUEG,, |

## 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).