# IZAWA TOWEL CO.,LTD.: 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5期(2025/03/01－2026/02/28) (S100Y66L)
> Page: https://vizora.meequs.com/en/company/izawa-towel
> Retrieved: 2026-09-30T21:08:38.927Z

## Company

Izawa Towel, founded in 1971, is a company in Textiles & Fibers listed on TSE Standard. It has 76 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IZAWA TOWEL CO., LTD. |
| Ticker | 365A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/365A.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿西一丁目26番6号 |
| Representative (per filing) | 代表取締役社長 伊澤 正司 |
| Founded | Apr 1971 |
| Share capital | ¥30M |
| Employees (consolidated) | 76 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | February |
| Website | www.izawa-towel.com (https://www.izawa-towel.com/) |
| Corporate number | 9010401160598 |
| EDINET | E40674 |
| Industries (Vizora) | Textiles & Fibers |

> Profile source: annual securities report (S100Y66L, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.4 | 14 |
| Profitability | 78.1 | 16 |
| Cash conversion | 20.8 | 12 |
| Efficiency | 96.9 | 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)

- Izawa Towel brought in ¥10.3B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.7% from the prior year, operating profit -8.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10283187000 → ¥726067000
- Net income → operating cash flow: ¥726067000 → ¥318317000（difference ¥-407750000）
- Main uses of operating cash flow: CapEx ¥15732000 / dividends ¥390036000 / buybacks ¥82142000
- Change in cash: ¥-550238000
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 | ¥10.3B |  |
| Operating income | ¥581.4M | Margin 5.7% |
| Net income | ¥726.1M | Margin 7.1% |
| Free cash flow | ¥302.6M |  |
| Employees (consolidated) | 76 |  |
| EPS | ¥72.65 |  |
| Diluted EPS | ¥71.17 |  |
| Book value per share | ¥418.45 |  |
| Equity ratio | 48.8% |  |
| Shares outstanding | 10,000,000 |  |
| Treasury shares | 114,400 |  |
| Shareholders | 10,209 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | +2.3 pp | Textiles & Fibers |
| ROE | 18.1% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## What changed in 1 years

| Metric | FY ending Feb 2025 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9825360000 | ¥10283187000 | +4.7% |
| Operating income | ¥638137000 | ¥581366000 | -8.9% |
| Operating margin | 6.5% | 5.7% | -0.8 pp |
| Employees | 76 people | 76 people | 0.0% |
| Cash and equivalents | ¥1676593000 | ¥1126354000 | -32.8% |

### Change in segment revenue mix

Span: FY ending Feb 2025 → 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 | 10,283 | 100.0% | S100Y66L |
| Cost of revenue | 8,034 | 78.1% | S100Y66L |
| Gross profit | 2,249 | 21.9% | S100Y66L |
| SG&A | 1,668 | 16.2% | S100Y66L |
| Operating income | 581 | 5.7% | S100Y66L |
| Ordinary income | 1,147 | 11.2% | S100Y66L |
| Pretax income | 1,138 | 11.1% | S100Y66L |
| Income tax | 412 | 4.0% | S100Y66L |
| Net income | 726 | 7.1% | S100Y66L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 21.9% → Operating margin 5.7% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.7%; Core profit growth: -8.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.91×
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 | 9,825 | 10,283 | 458 | +4.7% |
| Gross profit | 2,034 | 2,249 | 215 | +10.6% |
| Operating income | 638 | 581 | -57 | -8.9% |
| Operating cash flow | 644 | 318 | -325 | -50.6% |
| Free cash flow | 640 | 303 | -337 | -52.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2025 | 9,825 | 638 | 6.5% | 579 | 644 | 640 | S100Y66L |
| FY ending Feb 2026 | 10,283 | 581 | 5.7% | 726 | 318 | 303 | S100Y66L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥135.3M |
| Operating income per employee (consolidated) | ¥7.6M |
| Net income per employee (consolidated) | ¥9.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 76 | 76 |
| Average salary (parent company) | — | ¥5.5M |
| Average age (parent company) | — | 38.5 years |
| Average tenure (parent company) | — | 5.0 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +4.7%

## 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 | 318 | 3.1% | S100Y66L |
| Capital expenditure | 16 | 0.2% | S100Y66L |
| Free cash flow | 303 | 2.9% | 算出 |
| Investing cash flow | -168 | -1.6% | S100Y66L |
| Financing cash flow | -739 | -7.2% | S100Y66L |
| Dividends paid | 390 | 3.8% | S100Y66L |
| Share buyback | 82 | 0.8% | S100Y66L |
| Change in cash | -550 | -5.4% | S100Y66L |
| Cash and equivalents | 1,126 | 11.0% | S100Y66L |

## 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 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,677 | 1,126 | S100Y66L |
| Total assets | 8,380 | 8,477 | S100Y66L |
| Net assets | 3,882 | 4,137 | S100Y66L |
| Share capital | 30 | 30 | S100Y66L |
| Property, plant and equipment | 720 | 723 | S100Y66L |
| Intangible assets excluding goodwill | 3,327 | 3,125 | S100Y66L |
| Goodwill | 3,325 | 3,124 | S100Y66L |
| Current assets | 4,195 | 4,279 | S100Y66L |
| Current liabilities | 1,433 | 1,505 | S100Y66L |
| Long-term borrowings | 3,065 | 2,835 | S100Y66L |
| Total liabilities | 4,498 | 4,340 | S100Y66L |
| Equity attributable to owners of parent | 3,882 | 4,137 | S100Y66L |
| Retained earnings | 1,144 | 1,480 | S100Y66L |
| Treasury stock | — | -82 | S100Y66L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100Y66L |
| Property, plant and equipment | 9% | S100Y66L |
| Intangibles and goodwill | 74% | S100Y66L |
| Other assets | 4% | S100Y66L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100Y66L |
| Equity | 49% | S100Y66L |

### Balance sheet history

| Metric | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: |
| Total assets | 8,380 | 8,477 |
| Equity | 3,882 | 4,137 |
| Interest-bearing debt | — | — |
| Cash | 1,677 | 1,126 |

## 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) | 7.0% | S100Y66L |
| Fixed assets ÷ total assets | 8.5% | S100Y66L |
| Goodwill ÷ parent equity | 75.5% | S100Y66L |

### 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) | 13.3% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.8% |
| Cash vs. profit gap | -408 JPY mn (of net income -56.2%) |
| Shareholder returns / net income | 65.0% |
| Shareholder returns / FCF | 156.0% |
| Shareholder payments — dividends / net income | 53.7% |
| Shareholder payments — dividends / FCF | 128.9% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 52.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 5.9% | 1.17× | 6.9% | 2.16× | 14.9% | S100Y66L |
| 2026 | 7.1% | 1.22× | 8.6% | 2.10× | 18.1% | S100Y66L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊澤キャピタルパートナーズ合同会社 | Major shareholder | 25.3% | 2026-02-28 |
| ジャフコＳＶ６投資事業有限責任組合 | Major shareholder | 18.3% | 2026-02-28 |
| ジャフコＳＶ６-Ｓ投資事業有限責任組合 | Major shareholder | 4.6% | 2026-02-28 |
| 大和証券株式会社 | Major shareholder | 1.9% | 2026-02-28 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.8% | 2026-02-28 |
| 飯田 明人 | Major shareholder | 1.0% | 2026-02-28 |
| 村上 裕人 | Major shareholder | 0.8% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 0.8% | 2026-02-28 |
| 落合 博 | Major shareholder | 0.5% | 2026-02-28 |
| 山下 智志 | Major shareholder | 0.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/03/01－2026/02/28) | S100Y66L | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y66L,, |

## 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).