# LAPINE CO.,LTD: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/03/01－2026/02/28) (S100Y7LR)
> Page: https://vizora.meequs.com/en/company/lapine
> Retrieved: 2026-09-30T19:41:59.372Z

## Company

Lapine, founded in 1950, is a company in Apparel listed on TSE Standard. It has 37 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LAPINE CO.,LTD. |
| Ticker | 8143 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8143.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田東松下町17番地 |
| Representative (per filing) | 代表取締役社長 佐々木 ベジ |
| Founded | Feb 1950 |
| Share capital | ¥30M |
| Employees (consolidated) | 37 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | February |
| Website | www.lapine.co.jp (https://www.lapine.co.jp/) |
| Corporate number | 3120001071942 |
| EDINET | E00605 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y7LR, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.9 | 55 |
| Profitability | 5.7 | 61 |
| Efficiency | 15.6 | 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 59% of Lapine's sales come from Retail business, with Wholesale business and Welfare work making up much of the rest.
- It lost about ¥15 for every ¥100 of sales at the operating level.
- Revenue changed -8.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.87B |  |
| Operating income | -¥275.9M | Margin -14.7% |
| Net income | -¥259.5M | Margin -13.8% |
| Free cash flow | — |  |
| Largest business | Retail business | of segment revenue 58.7% |
| Employees (consolidated) | 37 |  |
| EPS | ¥-109.59 |  |
| Book value per share | ¥311.36 |  |
| Equity ratio | 23.0% |  |
| Shares outstanding | 2,567,000 |  |
| Treasury shares | 203,300 |  |
| Shareholders | 1,642 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 15.1% | Cash ÷ revenue 26.2% |
| Vs. industry median margin | -17.8 pp | Apparel |
| ROA | -8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.4× its level five years ago
- FY2026, operating loss is 15 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5227557000 | ¥1873910000 | -64.2% |
| Operating income | ¥-1897974000 | ¥-275915000 | — |
| Operating margin | -36.3% | -14.7% | +21.6 pp |
| Employees | 174 people | 37 people | -78.7% |
| Cash and equivalents | ¥1231609000 | ¥490325000 | -60.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 卸売事業 → 卸売事業 | 40.7% |
| 卸売事業 → 事業再編・廃止 | 13.1% |
| 小売事業 → 小売事業 | 45.9% |
| 福祉事業 → 福祉事業 | 0.2% |
| 新設・再編 → 小売事業 | 12.7% |
| 新設・再編 → 福祉事業 | 0.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail business | 5 years | -14.5% | ¥1099330000 | -4.7% | 2 |
| Wholesale business | 5 years | -23.0% | ¥763194000 | -25.0% | 2 |
| Welfare work | 5 years | -0.8% | ¥11385000 | -291.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,874 | 100.0% | S100Y7LR |
| Cost of revenue | 709 | 37.8% | S100Y7LR |
| Gross profit | 1,165 | 62.2% | S100Y7LR |
| SG&A | 1,441 | 76.9% | S100Y7LR |
| Operating income | -276 | -14.7% | S100Y7LR |
| Ordinary income | -250 | -13.3% | S100Y7LR |
| Pretax income | -251 | -13.4% | S100Y7LR |
| Income tax | 9 | 0.5% | S100Y7LR |
| Net income | -260 | -13.8% | S100Y7LR |
| Net income attributable to owners | -260 | -13.8% | S100Y7LR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 77 |
| Operating income | -15 |
| (Ref.) Net income | -14 |

### Margin funnel

Gross margin 62.2% → Operating margin -14.7% → Net margin -13.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,043 | 1,874 | -169 | -8.3% |
| Gross profit | 1,309 | 1,165 | -145 | -11.0% |
| Operating income | -361 | -276 | 85 | — |
| Net income attributable to owners | -129 | -260 | -130 | — |
| Operating cash flow | -452 | -473 | -21 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 8,655 | -1,373 | -15.9% | -1,513 | -507 | -584 | S100LFLH |
| FY ending Feb 2021 | 5,228 | -1,898 | -36.3% | -2,136 | -911 | -981 | S100O4W6 |
| FY ending Feb 2022 | 4,374 | -929 | -21.2% | 155 | 358 | — | S100QUJO |
| FY ending Feb 2023 | 3,300 | -650 | -19.7% | 158 | 361 | — | S100TIZ5 |
| FY ending Feb 2024 | 2,342 | -343 | -14.6% | -322 | -661 | -664 | S100VUXZ |
| FY ending Feb 2025 | 2,043 | -361 | -17.6% | -129 | -452 | -466 | S100Y7LR |
| FY ending Feb 2026 | 1,874 | -276 | -14.7% | -260 | -473 | — | S100Y7LR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.6M |
| Operating income per employee (consolidated) | -¥7.5M |
| Net income per employee (consolidated) | -¥7M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 117 | 83 | 66 | 49 | 37 |
| Average salary (parent company) | ¥3.8M | ¥3.7M | ¥3.8M | ¥3.7M | ¥4M |
| Average age (parent company) | 44.5 years | 46.4 years | 48.8 years | 49.2 years | 48.7 years |
| Average tenure (parent company) | 17.7 years | 19.7 years | 21.3 years | 22.0 years | 23.7 years |

Year over year: Employees (consolidated) -24.5% · Revenue (consolidated) -8.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesale business | 763 | 40.7% | -191 | -25.0% |
| Retail business | 1,099 | 58.7% | -52 | -4.7% |
| Welfare work | 11 | 0.6% | -33 | -291.1% |

### 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 | Margin |
| --- | ---: | ---: |
| Wholesale business | 40.7% | -25.0% |
| Retail business | 58.7% | -4.7% |
| Welfare work | 0.6% | -291.1% |

Loss-making segment (excluded from profit shares): Wholesale business -191 JPY mn

Loss-making segment (excluded from profit shares): Retail business -52 JPY mn

Loss-making segment (excluded from profit shares): Welfare work -33 JPY mn

Segment → industry: Retail business → Apparel / Wholesale business → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -473 | -25.3% | S100Y7LR |
| Investing cash flow | -1 | -0.1% | S100Y7LR |
| Financing cash flow | 204 | 10.9% | S100Y7LR |
| Share buyback | 0 | 0.0% | S100Y7LR |
| Change in cash | -270 | -14.4% | S100Y7LR |
| Cash and equivalents | 490 | 26.2% | S100Y7LR |

## 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 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,560 | 2,088 | 1,279 | 761 | 490 | S100TIZ5, S100VUXZ, S100Y7LR |
| Total assets | 3,683 | 4,025 | 3,436 | 3,041 | 3,247 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Net assets | 798 | 1,156 | 919 | 844 | 747 | S100TIZ5, S100VUXZ, S100Y7LR |
| Share capital | 30 | 30 | 30 | 30 | 30 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Trade receivables | 339 | — | — | — | — | S100QUJO |
| Property, plant and equipment | 941 | 941 | 944 | 941 | 941 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Investment securities | 259 | 317 | 430 | 517 | 801 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Current assets | 2,223 | 2,510 | 1,810 | 1,326 | 1,236 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Current liabilities | 2,006 | 1,829 | 1,465 | 1,277 | 1,612 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Trade payables | 250 | 188 | 138 | 111 | 158 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Short-term borrowings | 1,070 | 1,070 | 904 | 845 | 1,059 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Long-term borrowings | 570 | 730 | 730 | 680 | 590 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Total liabilities | 2,885 | 2,869 | 2,517 | 2,197 | 2,500 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Equity attributable to owners of parent | 791 | 950 | 628 | 499 | 239 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Retained earnings | 158 | 316 | -5 | -134 | -394 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |
| Treasury stock | -246 | -246 | -246 | -246 | -246 | S100QUJO, S100TIZ5, S100VUXZ, S100Y7LR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y7LR |
| Property, plant and equipment | 29% | S100Y7LR |
| Investment securities | 25% | S100Y7LR |
| Other assets | 31% | S100Y7LR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100Y7LR |
| Other liabilities | 72% | S100Y7LR |
| Equity | 23% | S100Y7LR |
| Other liabilities | 0% | S100Y7LR |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,683 | 4,025 | 3,436 | 3,041 | 3,247 |
| Equity | 798 | 1,156 | 919 | 844 | 747 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,560 | 2,088 | 1,279 | 761 | 490 |

## 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) | 50.2% | S100Y7LR |
| Fixed assets ÷ total assets | 29.0% | S100Y7LR |
| Goodwill ÷ parent equity | — | —, S100Y7LR |

### 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) | 15.1% |
| Cash ÷ revenue | 26.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -214 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | 3.6% | 1.19× | 4.2% | 4.65× | 19.6% | S100QUJO |
| 2023 | 4.8% | 0.86× | 4.1% | 4.43× | 18.2% | S100TIZ5 |
| 2024 | — | —× | -8.6% | —× | — | S100VUXZ |
| 2025 | — | —× | -4.0% | —× | — | S100Y7LR |
| 2026 | — | —× | -8.3% | —× | — | S100Y7LR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フリージア・マクロス株式会社 | Major shareholder | 35.4% | 2026-02-28 |
| 楽天証券株式会社 | Major shareholder | 3.6% | 2026-02-28 |
| 技研ホールディングス株式会社 | Major shareholder | 2.2% | 2026-02-28 |
| 仲川 昭夫 | Major shareholder | 2.1% | 2026-02-28 |
| UBS AG LONDON ASIA EQUITIES （常任代理人 シティバンク、 エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-02-28 |
| 野津 好正 | Major shareholder | 1.9% | 2026-02-28 |
| 吉江 克己 | Major shareholder | 1.9% | 2026-02-28 |
| 鬼頭 和孝 | Major shareholder | 1.7% | 2026-02-28 |
| 野下 将司 | Major shareholder | 1.6% | 2026-02-28 |
| 川上 知良 | Major shareholder | 1.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/03/01－2026/02/28) | S100Y7LR | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7LR,, |
| 有価証券報告書－第77期(2024/03/01－2025/02/28) | S100VUXZ | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUXZ,, |
| 有価証券報告書－第76期(2023/03/01－2024/02/29) | S100TIZ5 | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIZ5,, |
| 有価証券報告書－第75期(2022/03/01－2023/02/28) | S100QUJO | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUJO,, |
| 有価証券報告書－第74期(令和3年3月1日－令和4年2月28日) | S100O4W6 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4W6,, |
| 有価証券報告書－第73期(令和2年3月1日－令和3年2月28日) | S100LFLH | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFLH,, |

## 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).