# ICHIKURA 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36期(2025/04/01－2026/03/31) (S100YFD3)
> Page: https://vizora.meequs.com/en/company/ichikura
> Retrieved: 2026-09-30T20:28:22.098Z

## Company

Ichikura, founded in 1991, is a company in Apparel listed on TSE Standard. It has 630 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ICHIKURA CO., LTD. |
| Ticker | 6186 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6186.T) |
| Listing | TSE Standard |
| Head office | 埼玉県さいたま市北区大成町四丁目699番地1 |
| Representative (per filing) | 代表取締役社長 河端 義彦 |
| Founded | Feb 1991 |
| Share capital | ¥52.9M |
| Employees (consolidated) | 630 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | March |
| Website | www.ichikura.jp (https://www.ichikura.jp/) |
| Corporate number | 4030001000777 |
| EDINET | E31997 |
| Industries (Vizora) | Apparel, Weddings |

> Profile source: annual securities report (S100YFD3, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.4 | 55 |
| Profitability | 22.1 | 61 |
| Efficiency | 48.4 | 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 77% of Ichikura's sales come from Japanese style related, with Wedding related making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -2.4% from the prior year, operating profit -205.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥19.4B |  |
| Operating income | -¥130M | Margin -0.7% |
| Net income | -¥1.44B | Margin -7.4% |
| Free cash flow | ¥965.1M |  |
| Largest business | Japanese style related | of segment revenue 77.1% |
| Employees (consolidated) | 630 |  |
| EPS | ¥-301.48 |  |
| Book value per share | ¥524.4 |  |
| Equity ratio | 15.4% |  |
| Shares outstanding | 5,531,006 |  |
| Treasury shares | 2,700 |  |
| Shareholders | 6,079 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 7.4% | Cash ÷ revenue 6.7% |
| Vs. industry median margin | -3.7 pp | Apparel |
| ROA | -7.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14153646000 | ¥19446323000 | +37.4% |
| Operating income | ¥-1904639000 | ¥-129975000 | — |
| Operating margin | -13.5% | -0.7% | +12.8 pp |
| Employees | 781 people | 630 people | -19.3% |
| Cash and equivalents | ¥1533346000 | ¥1304097000 | -15.0% |

### 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 |
| --- | ---: |
| 和装事業 → 和装事業 | 77.1% |
| 和装事業 → 事業再編・廃止 | 5.6% |
| ウエディング事業 → ウエディング事業 | 17.3% |
| 新設・再編 → ウエディング事業 | 5.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,446 | 100.0% | S100YFD3 |
| Cost of revenue | 7,161 | 36.8% | S100YFD3 |
| Gross profit | 12,285 | 63.2% | S100YFD3 |
| SG&A | 12,415 | 63.8% | S100YFD3 |
| Operating income | -130 | -0.7% | S100YFD3 |
| Ordinary income | -85 | -0.4% | S100YFD3 |
| Pretax income | -1,333 | -6.9% | S100YFD3 |
| Income tax | 108 | 0.6% | S100YFD3 |
| Net income | -1,441 | -7.4% | S100YFD3 |
| Net income attributable to owners | -1,441 | -7.4% | S100YFD3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 64 |
| Operating income | -1 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 63.2% → Operating margin -0.7% → Net margin -7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 19,933 | 19,446 | -486 | -2.4% |
| Gross profit | 12,619 | 12,285 | -335 | -2.7% |
| Operating income | 123 | -130 | -253 | -205.4% |
| Net income attributable to owners | -97 | -1,441 | -1,344 | — |
| Operating cash flow | 549 | 1,292 | 743 | +135.3% |
| Free cash flow | -277 | 965 | 1,242 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,248 | 371 | 2.0% | 119 | 522 | -14 | S100LOU8 |
| FY ending Mar 2021 | 14,154 | -1,905 | -13.5% | -2,454 | -718 | -1,017 | S100OC6Y |
| FY ending Mar 2022 | 18,567 | 510 | 2.7% | 617 | 1,731 | 1,476 | S100R3JD |
| FY ending Mar 2023 | 19,747 | 554 | 2.8% | 597 | 1,063 | -73 | S100TPHW |
| FY ending Mar 2024 | 20,429 | 266 | 1.3% | 629 | 699 | 186 | S100VZCY |
| FY ending Mar 2025 | 19,933 | 123 | 0.6% | -97 | 549 | -277 | S100YFD3 |
| FY ending Mar 2026 | 19,446 | -130 | -0.7% | -1,441 | 1,292 | 965 | S100YFD3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.9M |
| Operating income per employee (consolidated) | -¥206.3K |
| Net income per employee (consolidated) | -¥2.3M |

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) | 778 | 751 | 726 | 653 | 630 |
| Average salary (parent company) | ¥4.1M | ¥4.1M | ¥4.2M | ¥4M | ¥4.2M |
| Average age (parent company) | 37.0 years | 37.0 years | 37.0 years | 37.0 years | 37.0 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 6.0 years | 6.0 years | 7.0 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) -2.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japanese style related | 14,984 | 77.1% | 765 | 5.1% |
| Wedding related | 4,462 | 22.9% | -155 | -3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japanese style related | 77.1% | 100.0% | 22.9 | 5.1% |
| Wedding related | 22.9% | — | — | -3.5% |

Loss-making segment (excluded from profit shares): Wedding related -155 JPY mn

Segment → industry: Japanese style related → Apparel / Wedding related → Weddings

## 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 | 1,292 | 6.6% | S100YFD3 |
| Capital expenditure | 327 | 1.7% | S100YFD3 |
| Free cash flow | 965 | 5.0% | 算出 |
| Investing cash flow | 529 | 2.7% | S100YFD3 |
| Financing cash flow | -1,549 | -8.0% | S100YFD3 |
| Dividends paid | 77 | 0.4% | S100YFD3 |
| Share buyback | 0 | 0.0% | S100YFD3 |
| Change in cash | 326 | 1.7% | S100YFD3 |
| Cash and equivalents | 1,304 | 6.7% | S100YFD3 |

## 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 | 1,640 | 1,254 | 1,362 | 978 | 1,304 | S100TPHW, S100VZCY, S100YFD3 |
| Total assets | 18,196 | 19,136 | 20,108 | 20,001 | 17,594 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Net assets | 3,404 | 3,994 | 4,532 | 4,377 | 2,712 | S100TPHW, S100VZCY, S100YFD3 |
| Share capital | 50 | 50 | 50 | 50 | 53 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Property, plant and equipment | 6,665 | 7,349 | 7,506 | 7,613 | 5,131 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Intangible assets excluding goodwill | 89 | 171 | 163 | 179 | 182 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Investment securities | 59 | 262 | 53 | 100 | 100 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Current assets | 9,987 | 9,905 | 10,548 | 10,290 | 10,493 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Current liabilities | 12,731 | 12,582 | 12,324 | 12,841 | 12,654 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Short-term borrowings | 4,190 | 3,880 | 3,300 | 4,040 | 3,180 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Long-term borrowings | 769 | 1,192 | 1,773 | 1,256 | 748 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Total liabilities | 14,792 | 15,142 | 15,576 | 15,624 | 14,881 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Equity attributable to owners of parent | 3,399 | 3,919 | 4,433 | 4,181 | 2,669 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Retained earnings | 1,371 | 1,891 | 2,404 | 2,153 | 635 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R3JD, S100TPHW, S100VZCY, S100YFD3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YFD3 |
| Property, plant and equipment | 29% | S100YFD3 |
| Intangibles and goodwill | 1% | S100YFD3 |
| Investment securities | 1% | S100YFD3 |
| Other assets | 62% | S100YFD3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 85% | S100YFD3 |
| Equity | 15% | S100YFD3 |

### 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 | 18,196 | 19,136 | 20,108 | 20,001 | 17,594 |
| Equity | 3,404 | 3,994 | 4,532 | 4,377 | 2,712 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,640 | 1,254 | 1,362 | 978 | 1,304 |

## 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) | 26.4% | S100YFD3 |
| Fixed assets ÷ total assets | 29.2% | S100YFD3 |
| Goodwill ÷ parent equity | — | —, S100YFD3 |

### 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) | 7.4% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,733 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 8.0% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 8.0% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 40.9% |

## 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 | 3.3% | 1.02× | 3.4% | 5.35× | 18.2% | S100R3JD |
| 2023 | 3.0% | 1.06× | 3.2% | 5.10× | 16.3% | S100TPHW |
| 2024 | 3.1% | 1.04× | 3.2% | 4.70× | 15.1% | S100VZCY |
| 2025 | — | —× | -0.5% | —× | — | S100YFD3 |
| 2026 | — | —× | -7.7% | —× | — | S100YFD3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 河端義彦 | Major shareholder | 48.9% | 2026-03-31 |
| 一蔵従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 白石隆治 | Major shareholder | 3.9% | 2026-03-31 |
| 原田 始 | Major shareholder | 3.0% | 2026-03-31 |
| 萩原雄二 | Major shareholder | 1.4% | 2026-03-31 |
| 岩渕 拓 | Major shareholder | 1.2% | 2026-03-31 |
| 飯島功市郎 | Major shareholder | 1.1% | 2026-03-31 |
| 山本俊輔 | Major shareholder | 0.8% | 2026-03-31 |
| 鶴見道郎 | Major shareholder | 0.7% | 2026-03-31 |
| 石原 勝 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YFD3 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFD3,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100VZCY | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZCY,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TPHW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPHW,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100R3JD | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3JD,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100OC6Y | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC6Y,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LOU8 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOU8,, |

## 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).