# Mizuno 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113期(2025/04/01－2026/03/31) (S100YFWX)
> Page: https://vizora.meequs.com/en/company/mizuno
> Retrieved: 2026-09-30T21:00:52.745Z

## Company

Mizuno is a company in Sporting Goods & Fitness listed on TSE Prime. It has 3,682 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIZUNO CORPORATION |
| Ticker | 8022 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8022.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区北浜四丁目1番23号 (上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。)大阪市住之江区南港北一丁目12番35号 |
| Representative (per filing) | 代表取締役社長 水野明人 |
| Share capital | ¥26.1B |
| Employees (consolidated) | 3,682 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | corp.mizuno.com (https://corp.mizuno.com/) |
| Corporate number | 4120001077559 |
| EDINET | E03036 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100YFWX, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.9 | 18 |
| Profitability | 62.5 | 20 |
| Cash conversion | 38.2 | 17 |
| Efficiency | 37.5 | 20 |

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 60% of Mizuno's sales come from Japan, with America and Asia and Oceania making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +8.8%.

## Company structure

- Segment revenue mix: Japan 59.9%、America 14.6%、Asia and Oceania 13.6%、Europe 11.9%
- Revenue → net income: ¥259045000000 → ¥18572000000
- Net income → operating cash flow: ¥18572000000 → ¥17311000000（difference ¥-1261000000）
- Main uses of operating cash flow: CapEx ¥3915000000 / dividends ¥4211000000 / buybacks ¥3004000000
- Change in cash: ¥13618000000
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 | ¥259B |  |
| Operating income | ¥22.6B | Margin 8.7% |
| Net income | ¥18.4B | Margin 7.1% |
| Free cash flow | ¥13.4B |  |
| Largest business | Japan | of segment revenue 59.9% |
| Employees (consolidated) | 3,682 |  |
| EPS | ¥169.59 |  |
| Book value per share | ¥1462.59 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 79,734,000 |  |
| Treasury shares | 3,691,500 |  |
| Shareholders | 17,079 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 18.3% | Net cash ¥23.3B · Cash ÷ revenue 17.8% |
| Vs. industry median margin | +3.1 pp | Sporting Goods & Fitness |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥150419000000 | ¥259045000000 | +72.2% |
| Operating income | ¥3806000000 | ¥22603000000 | +493.9% |
| Operating margin | 2.5% | 8.7% | +6.2 pp |
| Employees | 3,855 people | 3,682 people | -4.5% |
| Cash and equivalents | ¥22638000000 | ¥46018000000 | +103.3% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 59.9% |
| 日本 → 事業再編・廃止 | 10.8% |
| 欧州 → 欧州 | 8.6% |
| 米州 → 米州 | 12.0% |
| アジア・オセアニア → アジア・オセアニア | 8.7% |
| 新設・再編 → 欧州 | 3.2% |
| 新設・再編 → 米州 | 2.6% |
| 新設・再編 → アジア・オセアニア | 5.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +7.9% | ¥155152000000 | 9.8% | 2 |
| America | 5 years | +15.9% | ¥37748000000 | 6.4% | 2 |
| Asia and Oceania | 5 years | +22.1% | ¥35351000000 | 10.1% | 2 |
| Europe | 5 years | +18.8% | ¥30793000000 | 4.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 259,045 | 100.0% | S100YFWX |
| Cost of revenue | 150,577 | 58.1% | S100YFWX |
| Gross profit | 108,467 | 41.9% | S100YFWX |
| SG&A | 85,863 | 33.1% | S100YFWX |
| Operating income | 22,603 | 8.7% | S100YFWX |
| Ordinary income | 23,985 | 9.3% | S100YFWX |
| Pretax income | 25,020 | 9.7% | S100YFWX |
| Income tax | 6,448 | 2.5% | S100YFWX |
| Net income | 18,572 | 7.2% | S100YFWX |
| Net income attributable to owners | 18,376 | 7.1% | S100YFWX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 33 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 41.9% → Operating margin 8.7% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +8.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.13×
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 | 240,335 | 259,045 | 18,710 | +7.8% |
| Gross profit | 98,558 | 108,467 | 9,909 | +10.1% |
| Operating income | 20,777 | 22,603 | 1,826 | +8.8% |
| Net income attributable to owners | 15,243 | 18,376 | 3,133 | +20.6% |
| Operating cash flow | 7,007 | 17,311 | 10,304 | +147.1% |
| Free cash flow | 2,893 | 13,396 | 10,503 | +363.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 169,742 | 6,263 | 3.7% | 4,625 | 8,214 | 5,158 | S100LM3Q |
| FY ending Mar 2021 | 150,419 | 3,806 | 2.5% | 3,748 | 8,781 | 6,349 | S100OC21 |
| FY ending Mar 2022 | 172,744 | 9,874 | 5.7% | 7,717 | 12,041 | 9,382 | S100R082 |
| FY ending Mar 2023 | 212,044 | 12,945 | 6.1% | 9,910 | -8,047 | -13,327 | S100U1JQ |
| FY ending Mar 2024 | 229,711 | 17,279 | 7.5% | 14,311 | 21,412 | 19,397 | S100VZPV |
| FY ending Mar 2025 | 240,335 | 20,777 | 8.6% | 15,243 | 7,007 | 2,893 | S100YFWX |
| FY ending Mar 2026 | 259,045 | 22,603 | 8.7% | 18,376 | 17,311 | 13,396 | S100YFWX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.4M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥5M |

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) | 3,782 | 3,421 | 3,584 | 3,649 | 3,682 |
| Average salary (parent company) | ¥6.3M | ¥6.5M | ¥7.1M | ¥7M | ¥7.5M |
| Average age (parent company) | 42.8 years | 42.5 years | 42.9 years | 43.0 years | 42.6 years |
| Average tenure (parent company) | 17.7 years | 17.8 years | 16.8 years | 18.0 years | 17.3 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 155,152 | 59.9% | 15,218 | 9.8% |
| Europe | 30,793 | 11.9% | 1,410 | 4.6% |
| America | 37,748 | 14.6% | 2,423 | 6.4% |
| Asia and Oceania | 35,351 | 13.6% | 3,565 | 10.1% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 59.9% | 67.3% | 7.4 | 9.8% |
| Europe | 11.9% | 6.2% | -5.7 | 4.6% |
| America | 14.6% | 10.7% | -3.9 | 6.4% |
| Asia and Oceania | 13.6% | 15.8% | 2.1 | 10.1% |

Segment → industry: Asia and Oceania → Sporting Goods & Fitness / America → Sporting Goods & Fitness / Europe → Sporting Goods & Fitness / Japan → Sporting Goods & Fitness

## 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 | 17,311 | 6.7% | S100YFWX |
| Capital expenditure | 3,915 | 1.5% | S100YFWX |
| Free cash flow | 13,396 | 5.2% | 算出 |
| Investing cash flow | -5,282 | -2.0% | S100YFWX |
| Financing cash flow | 1,098 | 0.4% | S100YFWX |
| Dividends paid | 4,211 | 1.6% | S100YFWX |
| Share buyback | 3,004 | 1.2% | S100YFWX |
| Change in cash | 13,618 | 5.3% | S100YFWX |
| Cash and equivalents | 46,018 | 17.8% | S100YFWX |

## 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 | 24,429 | 23,845 | 31,963 | 32,399 | 46,018 | S100U1JQ, S100VZPV, S100YFWX |
| Total assets | 166,356 | 197,523 | 206,151 | 218,479 | 251,471 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Net assets | 112,463 | 124,275 | 142,065 | 157,121 | 174,279 | S100U1JQ, S100VZPV, S100YFWX |
| Share capital | 26,137 | 26,137 | 26,137 | 26,137 | 26,137 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Property, plant and equipment | 36,188 | 38,634 | 37,167 | 39,744 | 39,338 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Intangible assets excluding goodwill | 7,212 | 6,925 | 6,449 | 6,185 | 6,595 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Goodwill | 1,131 | 1,035 | 979 | 852 | 756 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Investment securities | 6,751 | 7,219 | 9,487 | 9,569 | 14,276 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Current assets | 105,934 | 132,730 | 138,662 | 147,421 | 171,367 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Current liabilities | 39,422 | 53,246 | 44,485 | 42,571 | 45,426 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Trade payables | 18,316 | 22,561 | 20,942 | 16,166 | 16,973 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Short-term borrowings | 1,174 | 9,106 | 750 | 2,056 | 2,897 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Long-term borrowings | 6,953 | 12,402 | 11,586 | 7,608 | 9,742 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Bonds | — | — | — | — | 10,050 | S100YFWX |
| Interest-bearing debt | — | — | — | — | 22,689 | 算出 |
| Total liabilities | 53,893 | 73,247 | 64,085 | 61,358 | 77,191 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Non-controlling interests | 482 | 539 | 611 | 772 | 916 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Equity attributable to owners of parent | 107,412 | 115,681 | 127,574 | 139,311 | 150,767 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Retained earnings | 51,332 | 59,582 | 71,447 | 83,118 | 97,455 | S100R082, S100U1JQ, S100VZPV, S100YFWX |
| Treasury stock | -1,887 | -1,871 | -1,864 | -1,864 | -4,839 | S100R082, S100U1JQ, S100VZPV, S100YFWX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YFWX |
| Property, plant and equipment | 16% | S100YFWX |
| Intangibles and goodwill | 3% | S100YFWX |
| Investment securities | 6% | S100YFWX |
| Other assets | 57% | S100YFWX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YFWX |
| Interest-bearing debt | 9% | 算出 |
| Other liabilities | 15% | S100YFWX |
| Equity | 69% | S100YFWX |
| Other liabilities | 0% | S100YFWX |

### 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 | 166,356 | 197,523 | 206,151 | 218,479 | 251,471 |
| Equity | 112,463 | 124,275 | 142,065 | 157,121 | 174,279 |
| Interest-bearing debt | — | — | — | — | 22,689 |
| Cash | 24,429 | 23,845 | 31,963 | 32,399 | 46,018 |

## 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) | 15.2% | S100YFWX |
| Fixed assets ÷ total assets | 15.6% | S100YFWX |
| Goodwill ÷ parent equity | 0.5% | S100YFWX |

Goodwill over 4 years: 1,131 → 756 JPY; total investing cash flow: -15,288 JPY. This does not imply causation.

### 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) | 18.3% |
| Cash ÷ revenue | 17.8% |
| Net cash (cash − interest-bearing debt) | ¥23.3B |
| Net debt ÷ operating cash flow | -1.35× |
| Cash conversion (operating CF ÷ operating income) | 76.6% |
| Cash vs. profit gap | -1,065 JPY mn (of net income -5.8%) |
| Shareholder returns / net income | 39.3% |
| Shareholder returns / FCF | 53.9% |
| Shareholder payments — dividends / net income | 22.9% |
| Shareholder payments — dividends / FCF | 31.4% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 30.5% |

## 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 | 4.5% | 1.04× | 4.6% | 1.55× | 7.2% | S100R082 |
| 2023 | 4.7% | 1.17× | 5.4% | 1.63× | 8.9% | S100U1JQ |
| 2024 | 6.2% | 1.14× | 7.1% | 1.66× | 11.8% | S100VZPV |
| 2025 | 6.3% | 1.13× | 7.2% | 1.59× | 11.4% | S100YFWX |
| 2026 | 7.1% | 1.10× | 7.8% | 1.62× | 12.7% | S100YFWX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人ミズノスポーツ振興財団 | Major shareholder | 17.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 10.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 9.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.7% | 2026-03-31 |
| J.P. MORGAN CHASE BANK（常任代理人 株式会社みずほ銀行決済営業部）） | Major shareholder | 3.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| 美津濃従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2025/04/01－2026/03/31) | S100YFWX | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFWX,, |
| 有価証券報告書－第112期(2024/04/01－2025/03/31) | S100VZPV | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZPV,, |
| 訂正有価証券報告書－第111期(2023/04/01－2024/03/31) | S100U1JQ | 2024-07-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U1JQ,, |
| 有価証券報告書－第110期(2022/04/01－2023/03/31) | S100R082 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R082,, |
| 有価証券報告書－第109期(令和3年4月1日－令和4年3月31日) | S100OC21 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC21,, |
| 有価証券報告書－第108期(令和2年4月1日－令和3年3月31日) | S100LM3Q | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM3Q,, |

## 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).