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

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2024/09/01－2025/08/31) (S100X5AK)
> Page: https://vizora.meequs.com/en/company/nagaileben
> Retrieved: 2026-09-30T19:08:26.785Z

## Company

Nagaileben, founded in 1950, is a company in Apparel listed on TSE Prime. It has 501 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAGAILEBEN Co.,Ltd. |
| Ticker | 7447 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7447.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区鍛冶町二丁目1番10号 |
| Representative (per filing) | 代表取締役社長 澤登 一郎 |
| Founded | Jul 1950 |
| Share capital | ¥1.93B |
| Employees (consolidated) | 501 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | August |
| Website | www.nagaileben.co.jp (https://www.nagaileben.co.jp/) |
| Corporate number | 5010001025214 |
| EDINET | E02809 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100X5AK, filed 2025-11-19). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 55 |
| Profitability | 95.9 | 61 |
| Cash conversion | 26.6 | 47 |
| Efficiency | 10.7 | 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)

- Nagaileben brought in ¥17B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit -10.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥16983838000 → ¥2573481000
- Net income → operating cash flow: ¥2573481000 → ¥2180900000（difference ¥-392581000）
- Main uses of operating cash flow: CapEx ¥389198000 / dividends ¥1888402000 / buybacks ¥2181514000
- Change in cash: ¥-603344000
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 | ¥17B |  |
| Operating income | ¥3.58B | Margin 21.1% |
| Net income | ¥2.57B | Margin 15.2% |
| Free cash flow | ¥1.79B |  |
| Employees (consolidated) | 501 |  |
| EPS | ¥82.7 |  |
| Book value per share | ¥1247.44 |  |
| Equity ratio | 92.5% |  |
| Shares outstanding | 35,736,000 |  |
| Treasury shares | 5,256,200 |  |
| Shareholders | 3,851 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 27.9% |
| Vs. industry median margin | +18.1 pp | Apparel |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.2× dividends

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17066476000 | ¥16983838000 | -0.5% |
| Operating income | ¥4937296000 | ¥3583439000 | -27.4% |
| Operating margin | 28.9% | 21.1% | -7.8 pp |
| Employees | 516 people | 501 people | -2.9% |
| Cash and equivalents | ¥6446977000 | ¥4746113000 | -26.4% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,984 | 100.0% | S100X5AK |
| Cost of revenue | 10,272 | 60.5% | S100X5AK |
| Gross profit | 6,712 | 39.5% | S100X5AK |
| SG&A | 3,129 | 18.4% | S100X5AK |
| Operating income | 3,583 | 21.1% | S100X5AK |
| Ordinary income | 3,706 | 21.8% | S100X5AK |
| Pretax income | 3,706 | 21.8% | S100X5AK |
| Income tax | 1,133 | 6.7% | S100X5AK |
| Net income | 2,573 | 15.2% | S100X5AK |
| Net income attributable to owners | 2,573 | 15.2% | S100X5AK |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 18 |
| Operating income | 21 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 39.5% → Operating margin 21.1% → Net margin 15.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.5%; Core profit growth: -10.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.02×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,413 | 16,984 | 571 | +3.5% |
| Gross profit | 7,029 | 6,712 | -317 | -4.5% |
| Operating income | 4,005 | 3,583 | -421 | -10.5% |
| Net income attributable to owners | 2,822 | 2,573 | -249 | -8.8% |
| Operating cash flow | 2,287 | 2,181 | -106 | -4.6% |
| Free cash flow | 2,119 | 1,792 | -327 | -15.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 16,786 | 4,918 | 29.3% | 3,445 | 3,433 | 3,197 | S100K81T |
| FY ending Aug 2020 | 17,066 | 4,937 | 28.9% | 3,474 | 3,635 | 3,457 | S100MXLW |
| FY ending Aug 2021 | 17,563 | 5,212 | 29.7% | 3,648 | 4,449 | 4,200 | S100POR9 |
| FY ending Aug 2022 | 17,745 | 5,032 | 28.4% | 3,778 | 3,443 | 3,327 | S100SCE7 |
| FY ending Aug 2023 | 17,182 | 4,605 | 26.8% | 3,226 | 1,813 | 1,528 | S100UTLS |
| FY ending Aug 2024 | 16,413 | 4,005 | 24.4% | 2,822 | 2,287 | 2,119 | S100X5AK |
| FY ending Aug 2025 | 16,984 | 3,583 | 21.1% | 2,573 | 2,181 | 1,792 | S100X5AK |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.9M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥5.1M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 518 | 524 | 511 | 500 | 501 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥6.7M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 41.0 years | 41.3 years | 41.9 years | 42.3 years | 42.7 years |
| Average tenure (parent company) | 14.6 years | 15.0 years | 15.4 years | 15.6 years | 15.9 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +3.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,181 | 12.8% | S100X5AK |
| Capital expenditure | 389 | 2.3% | S100X5AK |
| Free cash flow | 1,792 | 10.5% | 算出 |
| Investing cash flow | 1,110 | 6.5% | S100X5AK |
| Financing cash flow | -3,894 | -22.9% | S100X5AK |
| Dividends paid | 1,888 | 11.1% | S100X5AK |
| Share buyback | 2,182 | 12.8% | S100X5AK |
| Change in cash | -603 | -3.6% | S100X5AK |
| Cash and equivalents | 4,746 | 27.9% | S100X5AK |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,679 | 5,461 | 7,759 | 5,349 | 4,746 | S100SCE7, S100UTLS, S100X5AK |
| Total assets | 46,429 | 47,348 | 47,378 | 46,727 | 44,692 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Net assets | 42,030 | 42,255 | 43,214 | 42,697 | 41,318 | S100SCE7, S100UTLS, S100X5AK |
| Share capital | 1,925 | 1,925 | 1,925 | 1,925 | 1,925 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Trade receivables | 2,730 | 2,992 | 2,928 | 2,705 | 2,278 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Inventories | 4,615 | 4,886 | 6,060 | 6,591 | 7,051 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Property, plant and equipment | 7,490 | 7,382 | 7,312 | 7,313 | 7,255 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Intangible assets excluding goodwill | 44 | 57 | 60 | 73 | 167 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Investment securities | 900 | 174 | 183 | 194 | 212 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Current assets | 37,323 | 38,902 | 38,995 | 38,286 | 36,200 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Current liabilities | 3,338 | 4,049 | 3,224 | 3,106 | 2,507 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Trade payables | 1,291 | 1,608 | 1,606 | 1,298 | 767 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Total liabilities | 4,399 | 5,093 | 4,164 | 4,030 | 3,374 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Equity attributable to owners of parent | 41,677 | 42,230 | 43,165 | 42,629 | 41,169 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Retained earnings | 43,276 | 42,533 | 43,823 | 44,719 | 45,403 | S100POR9, S100SCE7, S100UTLS, S100X5AK |
| Treasury stock | -5,914 | -4,151 | -4,514 | -5,953 | -8,108 | S100POR9, S100SCE7, S100UTLS, S100X5AK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100X5AK |
| Receivables | 5% | S100X5AK |
| Inventories | 16% | S100X5AK |
| Property, plant and equipment | 16% | S100X5AK |
| Intangibles and goodwill | 0% | S100X5AK |
| Investment securities | 1% | S100X5AK |
| Other assets | 51% | S100X5AK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100X5AK |
| Other liabilities | 6% | S100X5AK |
| Equity | 92% | S100X5AK |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,429 | 47,348 | 47,378 | 46,727 | 44,692 |
| Equity | 42,030 | 42,255 | 43,214 | 42,697 | 41,318 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,679 | 5,461 | 7,759 | 5,349 | 4,746 |

## 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) | 42.7% | S100X5AK |
| Fixed assets ÷ total assets | 16.2% | S100X5AK |
| Goodwill ÷ parent equity | — | —, S100X5AK |

### 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) | 10.6% |
| Cash ÷ revenue | 27.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.9% |
| Cash vs. profit gap | -393 JPY mn (of net income -15.3%) |
| Shareholder returns / net income | 158.1% |
| Shareholder returns / FCF | 227.2% |
| Shareholder payments — dividends / net income | 73.4% |
| Shareholder payments — dividends / FCF | 105.4% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 50.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 20.8% | 0.38× | 7.9% | 1.11× | 8.8% | S100POR9 |
| 2022 | 21.3% | 0.38× | 8.1% | 1.12× | 9.0% | S100SCE7 |
| 2023 | 18.8% | 0.36× | 6.8% | 1.11× | 7.6% | S100UTLS |
| 2024 | 17.2% | 0.35× | 6.0% | 1.10× | 6.6% | S100X5AK |
| 2025 | 15.2% | 0.37× | 5.6% | 1.09× | 6.1% | S100X5AK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 澤登 一郎 | Major shareholder | 19.1% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.0% | 2025-08-31 |
| JP MORGAN CHASE BANK 380055 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.7% | 2025-08-31 |
| 有限会社登龍 | Major shareholder | 4.8% | 2025-08-31 |
| 澤登 辰郎 | Major shareholder | 3.5% | 2025-08-31 |
| RBC IST 15 PCT NON LENDING ACCOUNT－CLIENT ACCOUNT （常任代理人 シティバンク，エヌ・エイ東京支店） | Major shareholder | 2.8% | 2025-08-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2025-08-31 |
| THE NOMURA TRUST AND BANKING CO.,LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND （常任代理人 シティバンク，エヌ・エイ東京支店） | Major shareholder | 2.2% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2025-08-31 |
| 澤登 春江 | Major shareholder | 2.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2024/09/01－2025/08/31) | S100X5AK | 2025-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5AK,, |
| 有価証券報告書－第75期(2023/09/01－2024/08/31) | S100UTLS | 2024-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTLS,, |
| 有価証券報告書－第74期(2022/09/01－2023/08/31) | S100SCE7 | 2023-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCE7,, |
| 有価証券報告書－第73期(令和3年9月1日－令和4年8月31日) | S100POR9 | 2022-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POR9,, |
| 有価証券報告書－第72期(令和2年9月1日－令和3年8月31日) | S100MXLW | 2021-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXLW,, |
| 有価証券報告書－第71期(令和1年9月1日－令和2年8月31日) | S100K81T | 2020-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K81T,, |

## 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).