# JICHODO Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第66期(2025/07/01－2026/06/30) (S100Z3WJ)
> Page: https://vizora.meequs.com/en/company/jichodo
> Retrieved: 2026-09-30T19:42:00.699Z

## Company

Jichodo, founded in 1924, is a company in Apparel listed on TSE Standard. It has 179 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JICHODO Co.,Ltd. |
| Ticker | 3597 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3597.T) |
| Listing | TSE Standard |
| Head office | 広島県福山市新市町大字戸手16番地の2 |
| Representative (per filing) | 代表取締役社長 出原 正貴 |
| Founded | Sep 1924 |
| Share capital | ¥2.98B |
| Employees (consolidated) | 179 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | June |
| Website | www.jichodo.co.jp (https://www.jichodo.co.jp/) |
| Corporate number | 1240001033610 |
| EDINET | E00607 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Z3WJ, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 55 |
| Profitability | 92.6 | 61 |
| Cash conversion | 9.6 | 47 |
| Efficiency | 5.7 | 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)

- Jichodo brought in ¥13.3B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed -11.1% from the prior year, operating profit +7.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.3B |  |
| Operating income | ¥1.56B | Margin 11.8% |
| Net income | ¥1.43B | Margin 10.8% |
| Free cash flow | -¥1.77B |  |
| Employees (consolidated) | 179 |  |
| EPS | ¥462.9 |  |
| Book value per share | ¥13246.81 |  |
| Equity ratio | 89.9% |  |
| Shares outstanding | 2,882,848 |  |
| Treasury shares | 900 |  |
| Shareholders | 2,092 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 23.4% | Cash ÷ revenue 76.0% |
| Vs. industry median margin | +8.7 pp | Apparel |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17882029000 | ¥13275260000 | -25.8% |
| Operating income | ¥2158629000 | ¥1560742000 | -27.7% |
| Operating margin | 12.1% | 11.8% | -0.3 pp |
| Employees | 231 people | 179 people | -22.5% |
| Cash and equivalents | ¥6106306000 | ¥10083349000 | +65.1% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,275 | 100.0% | S100Z3WJ |
| Cost of revenue | 8,853 | 66.7% | S100Z3WJ |
| Gross profit | 4,422 | 33.3% | S100Z3WJ |
| SG&A | 2,861 | 21.6% | S100Z3WJ |
| Operating income | 1,561 | 11.8% | S100Z3WJ |
| Ordinary income | 2,078 | 15.7% | S100Z3WJ |
| Pretax income | 2,052 | 15.5% | S100Z3WJ |
| Income tax | 624 | 4.7% | S100Z3WJ |
| Net income | 1,428 | 10.8% | S100Z3WJ |
| Net income attributable to owners | 1,428 | 10.8% | S100Z3WJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 21 |
| Operating income | 12 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 33.3% → Operating margin 11.8% → Net margin 10.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -11.1%; Core profit growth: +7.9%
Operating leverage (core profit growth ÷ revenue growth): -0.71×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,936 | 13,275 | -1,661 | -11.1% |
| Gross profit | 4,573 | 4,422 | -151 | -3.3% |
| Operating income | 1,447 | 1,561 | 114 | +7.9% |
| Net income attributable to owners | 1,129 | 1,428 | 299 | +26.5% |
| Operating cash flow | 3,978 | -1,762 | -5,740 | -144.3% |
| Free cash flow | 3,949 | -1,770 | -5,719 | -144.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 18,467 | 1,847 | 10.0% | 1,604 | -176 | -237 | S100MIPZ |
| FY ending Jun 2021 | 17,882 | 2,159 | 12.1% | 1,545 | 5,906 | 5,105 | S100P98Y |
| FY ending Jun 2022 | 16,983 | 2,215 | 13.0% | 2,836 | 3,621 | 3,257 | S100RX79 |
| FY ending Jun 2023 | 17,742 | 3,089 | 17.4% | 2,455 | 314 | 276 | S100UGAF |
| FY ending Jun 2024 | 16,864 | 2,610 | 15.5% | 2,016 | 3,818 | 3,798 | S100WRSF |
| FY ending Jun 2025 | 14,936 | 1,447 | 9.7% | 1,129 | 3,978 | 3,949 | S100Z3WJ |
| FY ending Jun 2026 | 13,275 | 1,561 | 11.8% | 1,428 | -1,762 | -1,770 | S100Z3WJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.2M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥8M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 211 | 196 | 185 | 179 | 179 |
| Average salary (parent company) | ¥4.3M | ¥4.4M | ¥4.2M | ¥4.4M | ¥4.4M |
| Average age (parent company) | 40.9 years | 41.9 years | 41.7 years | 41.6 years | 41.2 years |
| Average tenure (parent company) | 18.1 years | 19.2 years | 19.1 years | 17.9 years | 16.8 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -11.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,762 | -13.3% | S100Z3WJ |
| Capital expenditure | 8 | 0.1% | S100Z3WJ |
| Free cash flow | -1,770 | -13.3% | 算出 |
| Investing cash flow | 181 | 1.4% | S100Z3WJ |
| Financing cash flow | -1,728 | -13.0% | S100Z3WJ |
| Dividends paid | 1,726 | 13.0% | S100Z3WJ |
| Share buyback | 1 | 0.0% | S100Z3WJ |
| Change in cash | -3,308 | -24.9% | S100Z3WJ |
| Cash and equivalents | 10,083 | 76.0% | S100Z3WJ |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,116 | 8,702 | 11,012 | 13,391 | 10,083 | S100UGAF, S100WRSF, S100Z3WJ |
| Total assets | 40,069 | 42,291 | 41,614 | 41,954 | 43,002 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Net assets | 35,042 | 37,101 | 38,326 | 38,120 | 38,673 | S100UGAF, S100WRSF, S100Z3WJ |
| Share capital | 2,982 | 2,982 | 2,982 | 2,982 | 2,982 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Property, plant and equipment | 6,034 | 5,856 | 5,702 | 5,590 | 5,467 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Intangible assets excluding goodwill | 25 | 21 | 19 | 22 | 21 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Investment securities | 2,409 | 3,064 | 3,991 | 4,238 | 5,499 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Current assets | 29,310 | 31,442 | 30,372 | 30,609 | 30,633 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Current liabilities | 3,936 | 3,930 | 1,882 | 2,514 | 2,721 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Trade payables | 2,623 | 2,814 | 634 | 1,769 | 1,812 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Total liabilities | 5,027 | 5,190 | 3,288 | 3,834 | 4,330 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Equity attributable to owners of parent | 34,148 | 35,737 | 36,309 | 35,993 | 35,690 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Retained earnings | 29,339 | 30,929 | 31,504 | 31,191 | 30,890 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |
| Treasury stock | -1 | -2 | -4 | -8 | -9 | S100RX79, S100UGAF, S100WRSF, S100Z3WJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100Z3WJ |
| Property, plant and equipment | 13% | S100Z3WJ |
| Intangibles and goodwill | 0% | S100Z3WJ |
| Investment securities | 13% | S100Z3WJ |
| Other assets | 51% | S100Z3WJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Z3WJ |
| Other liabilities | 6% | S100Z3WJ |
| Equity | 90% | S100Z3WJ |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 40,069 | 42,291 | 41,614 | 41,954 | 43,002 |
| Equity | 35,042 | 37,101 | 38,326 | 38,120 | 38,673 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,116 | 8,702 | 11,012 | 13,391 | 10,083 |

## 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) | 41.2% | S100Z3WJ |
| Fixed assets ÷ total assets | 12.7% | S100Z3WJ |
| Goodwill ÷ parent equity | — | —, S100Z3WJ |

### 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) | 23.4% |
| Cash ÷ revenue | 76.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -112.9% |
| Cash vs. profit gap | -3,189 JPY mn (of net income -223.4%) |
| Shareholder returns / net income | 121.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 120.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | 16.7% | 0.42× | 7.1% | 1.17× | 8.3% | S100RX79 |
| 2023 | 13.8% | 0.43× | 6.0% | 1.18× | 7.0% | S100UGAF |
| 2024 | 12.0% | 0.40× | 4.8% | 1.16× | 5.6% | S100WRSF |
| 2025 | 7.6% | 0.36× | 2.7% | 1.16× | 3.1% | S100Z3WJ |
| 2026 | 10.8% | 0.31× | 3.4% | 1.19× | 4.0% | S100Z3WJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 出原正博 | Major shareholder | 17.6% | 2026-06-30 |
| MASANOBUINVESTMENTCAPITAL株式会社 | Major shareholder | 8.5% | 2026-06-30 |
| 出原ホールディングス株式会社 | Major shareholder | 8.5% | 2026-06-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.1% | 2026-06-30 |
| 株式会社広島銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.1% | 2026-06-30 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.6% | 2026-06-30 |
| 有限会社ユーエルディー | Major shareholder | 3.4% | 2026-06-30 |
| 株式会社オカムラ | Major shareholder | 2.8% | 2026-06-30 |
| 野口市子 | Major shareholder | 2.1% | 2026-06-30 |
| 出原幸恵 | Major shareholder | 2.1% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/07/01－2026/06/30) | S100Z3WJ | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3WJ,, |
| 有価証券報告書－第65期(2024/07/01－2025/06/30) | S100WRSF | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRSF,, |
| 有価証券報告書－第64期(2023/07/01－2024/06/30) | S100UGAF | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGAF,, |
| 有価証券報告書－第63期(2022/07/01－2023/06/30) | S100RX79 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX79,, |
| 有価証券報告書－第62期(令和3年7月1日－令和4年6月30日) | S100P98Y | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P98Y,, |
| 有価証券報告書－第61期(令和2年7月1日－令和3年6月30日) | S100MIPZ | 2021-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIPZ,, |

## 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).