# MATSUOKA CORPORATION: 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70期(2025/04/01－2026/03/31) (S100YHK4)
> Page: https://vizora.meequs.com/en/company/matsuoka
> Retrieved: 2026-09-30T20:26:49.124Z

## Company

Matsuoka, founded in 1956, is a company in Textiles & Fibers listed on TSE Standard. It has 21,086 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATSUOKA CORPORATION |
| Ticker | 3611 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3611.T) |
| Listing | TSE Standard |
| Head office | 広島県福山市西町二丁目8番19号(2025年11月4日より広島県福山市宝町4番14号から上記住所に本店を移転しております。) |
| Representative (per filing) | 代表取締役社長執行役員 松岡 典之 |
| Founded | Apr 1956 |
| Share capital | ¥633M |
| Employees (consolidated) | 21,086 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.matuoka.co.jp (https://www.matuoka.co.jp/) |
| Corporate number | 7240001034000 |
| EDINET | E33574 |
| Industries (Vizora) | Textiles & Fibers, Apparel |

> Profile source: annual securities report (S100YHK4, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.2 | 55 |
| Profitability | 48.4 | 61 |
| Cash conversion | 90.4 | 47 |
| Efficiency | 41.8 | 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 89% of Matsuoka's sales come from Garment Business, with Lamination Film Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit +402.1%.

## Company structure

- Segment revenue mix: Garment Business 88.9%、Lamination Film Business 11.1%
- Revenue → net income: ¥74251000000 → ¥3405000000
- Net income → operating cash flow: ¥3405000000 → ¥6071000000（difference ¥2666000000）
- Main uses of operating cash flow: CapEx ¥3032000000 / dividends ¥939000000 / buybacks —
- Change in cash: ¥120000000
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 | ¥74.3B |  |
| Operating income | ¥2.17B | Margin 2.9% |
| Net income | ¥3.12B | Margin 4.2% |
| Free cash flow | ¥3.04B |  |
| Largest business | Garment Business | of segment revenue 88.9% |
| Employees (consolidated) | 21,086 |  |
| EPS | ¥429.4 |  |
| Diluted EPS | ¥397.41 |  |
| Book value per share | ¥2557.3 |  |
| Equity ratio | 53.1% |  |
| Shares outstanding | 10,593,600 |  |
| Treasury shares | 95,100 |  |
| Shareholders | 6,594 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 25.9% | Cash ÷ revenue 26.3% |
| Vs. industry median margin | -0.1 pp | Apparel |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥53928000000 | ¥74251000000 | +37.7% |
| Operating income | ¥4563000000 | ¥2174000000 | -52.4% |
| Operating margin | 8.5% | 2.9% | -5.5 pp |
| Employees | 14,912 people | 21,086 people | +41.4% |
| Cash and equivalents | ¥12851000000 | ¥19506000000 | +51.8% |

### 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 |
| --- | ---: |
| 新設・再編 → 縫製事業 | 88.9% |
| 新設・再編 → ラミネーションフィルム事業 | 11.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 74,251 | 100.0% | S100YHK4 |
| Cost of revenue | 65,495 | 88.2% | S100YHK4 |
| Gross profit | 8,756 | 11.8% | S100YHK4 |
| SG&A | 6,581 | 8.9% | S100YHK4 |
| Operating income | 2,174 | 2.9% | S100YHK4 |
| Ordinary income | 5,391 | 7.3% | S100YHK4 |
| Pretax income | 5,125 | 6.9% | S100YHK4 |
| Income tax | 1,719 | 2.3% | S100YHK4 |
| Net income | 3,405 | 4.6% | S100YHK4 |
| Net income attributable to owners | 3,117 | 4.2% | S100YHK4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 11.8% → Operating margin 2.9% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +402.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 77.28×
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 | 70,579 | 74,251 | 3,672 | +5.2% |
| Gross profit | 6,588 | 8,756 | 2,168 | +32.9% |
| Operating income | 433 | 2,174 | 1,741 | +402.1% |
| Net income attributable to owners | 2,600 | 3,117 | 517 | +19.9% |
| Operating cash flow | 2,724 | 6,071 | 3,347 | +122.9% |
| Free cash flow | 605 | 3,039 | 2,434 | +402.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 57,112 | 2,603 | 4.6% | 1,175 | 2,282 | 859 | S100LSJ3 |
| FY ending Mar 2021 | 53,928 | 4,563 | 8.5% | 2,764 | 6,648 | 4,303 | S100OHMV |
| FY ending Mar 2022 | 51,056 | 181 | 0.4% | 559 | 821 | -1,747 | S100R4A1 |
| FY ending Mar 2023 | 62,778 | 67 | 0.1% | 1,676 | -506 | -6,819 | S100TXY2 |
| FY ending Mar 2024 | 60,176 | 792 | 1.3% | 2,457 | 5,406 | 2,890 | S100W6S4 |
| FY ending Mar 2025 | 70,579 | 433 | 0.6% | 2,600 | 2,724 | 605 | S100YHK4 |
| FY ending Mar 2026 | 74,251 | 2,174 | 2.9% | 3,117 | 6,071 | 3,039 | S100YHK4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥3.5M |
| Operating income per employee (consolidated) | ¥103.1K |
| Net income per employee (consolidated) | ¥147.8K |

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) | 16,434 | 17,729 | 17,278 | 19,635 | 21,086 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5M | ¥5M | ¥5.6M |
| Average age (parent company) | 43.0 years | 43.3 years | 41.9 years | 42.5 years | 42.4 years |
| Average tenure (parent company) | 8.8 years | 9.2 years | 8.7 years | 8.5 years | 8.4 years |

Year over year: Employees (consolidated) +7.4% · Revenue (consolidated) +5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Garment Business | 66,029 | 88.9% | 5,959 | 9.0% |
| Lamination Film Business | 8,221 | 11.1% | 554 | 6.7% |

### 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 |
| --- | ---: |
| Garment Business | 88.9% |
| Lamination Film Business | 11.1% |

Segment → industry: Lamination Film Business → Textiles & Fibers / Garment Business → Apparel

## 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 | 6,071 | 8.2% | S100YHK4 |
| Capital expenditure | 3,032 | 4.1% | S100YHK4 |
| Free cash flow | 3,039 | 4.1% | 算出 |
| Investing cash flow | -4,357 | -5.9% | S100YHK4 |
| Financing cash flow | -1,925 | -2.6% | S100YHK4 |
| Dividends paid | 939 | 1.3% | S100YHK4 |
| Change in cash | 120 | 0.2% | S100YHK4 |
| Cash and equivalents | 19,506 | 26.3% | S100YHK4 |

## 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 | 15,205 | 14,480 | 17,178 | 19,386 | 19,506 | S100TXY2, S100W6S4, S100YHK4 |
| Total assets | 51,879 | 59,295 | 65,697 | 72,453 | 75,174 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Net assets | 29,444 | 32,305 | 36,061 | 40,529 | 43,558 | S100TXY2, S100W6S4, S100YHK4 |
| Share capital | 584 | 584 | 586 | 603 | 633 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Property, plant and equipment | 13,750 | 18,494 | 19,457 | 20,861 | 20,987 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Intangible assets excluding goodwill | 1,942 | 2,146 | 2,614 | 2,708 | 2,805 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Goodwill | — | — | — | 29 | 24 | S100YHK4 |
| Investment securities | 231 | 485 | 537 | 528 | 587 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Current assets | 35,386 | 37,556 | 42,413 | 47,715 | 50,118 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Current liabilities | 15,960 | 17,522 | 19,558 | 22,664 | 19,825 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Trade payables | 8,064 | 7,141 | 8,000 | 8,746 | 9,217 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Short-term borrowings | 4,036 | 6,452 | 5,899 | 8,465 | 4,700 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Long-term borrowings | 4,804 | 6,164 | 5,939 | 5,518 | 8,038 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Total liabilities | 22,435 | 26,990 | 29,636 | 31,924 | 31,615 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Non-controlling interests | 2,590 | 2,834 | 2,797 | 2,973 | 3,619 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Equity attributable to owners of parent | 23,573 | 25,052 | 27,115 | 29,249 | 31,355 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Retained earnings | 21,173 | 22,456 | 24,514 | 26,615 | 28,793 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |
| Treasury stock | -726 | -246 | -246 | -246 | -246 | S100R4A1, S100TXY2, S100W6S4, S100YHK4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YHK4 |
| Property, plant and equipment | 28% | S100YHK4 |
| Intangibles and goodwill | 4% | S100YHK4 |
| Investment securities | 1% | S100YHK4 |
| Other assets | 41% | S100YHK4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YHK4 |
| Other liabilities | 30% | S100YHK4 |
| Equity | 58% | S100YHK4 |
| Other liabilities | 0% | S100YHK4 |

### 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 | 51,879 | 59,295 | 65,697 | 72,453 | 75,174 |
| Equity | 29,444 | 32,305 | 36,061 | 40,529 | 43,558 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,205 | 14,480 | 17,178 | 19,386 | 19,506 |

## 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) | 28.3% | S100YHK4 |
| Fixed assets ÷ total assets | 27.9% | S100YHK4 |
| Goodwill ÷ parent equity | 0.1% | S100YHK4 |

### 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) | 25.9% |
| Cash ÷ revenue | 26.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 279.3% |
| Cash vs. profit gap | 2,954 JPY mn (of net income 94.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.1% |
| Shareholder payments — dividends / FCF | 30.9% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 71.8% |

## 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 | 1.1% | 0.98× | 1.1% | 2.20× | 2.4% | S100R4A1 |
| 2023 | 2.7% | 1.13× | 3.0% | 2.29× | 6.9% | S100TXY2 |
| 2024 | 4.1% | 0.96× | 3.9% | 2.40× | 9.4% | S100W6S4 |
| 2025 | 3.7% | 1.02× | 3.8% | 2.45× | 9.2% | S100YHK4 |
| 2026 | 4.2% | 1.01× | 4.2% | 2.44× | 10.3% | S100YHK4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社マツオカカンパニー | Major shareholder | 16.9% | 2026-03-31 |
| 松岡典之 | Major shareholder | 11.9% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.4% | 2026-03-31 |
| 倉敷紡績株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 三菱UFJキャピタル株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| UBS AG SINGAPORE（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ジェイ・ウィル・インベストメント | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YHK4 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHK4,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W6S4 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6S4,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TXY2 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXY2,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R4A1 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4A1,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OHMV | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHMV,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LSJ3 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSJ3,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 株式会社日本政策投資銀行 | Capital alliance | 資本業務提携（転換社債型新株予約権付社債の割当と経営・事業拡大の支援） | S100YHK4 |
| SAHA PATHANA INTER-HOLDING PUBLIC COMPANY LIMITED | Capital alliance | 株式の相互保有による資本提携。アパレル・テキスタイル分野のサプライチェーン構築を共同推進 | S100YHK4 |

## 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).