# NAIGAI  CO.,LTD.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第129期(2025/02/01－2026/01/31) (S100Y034)
> Page: https://vizora.meequs.com/en/company/naigai
> Retrieved: 2026-09-30T21:02:06.139Z

## Company

Naigai, founded in 1920, is a company in E-commerce listed on TSE Standard. It has 164 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAIGAI CO.,LTD. |
| Ticker | 8013 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8013.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂七丁目8番5号 |
| Representative (per filing) | 代表取締役社長 今泉 賢治 |
| Founded | Aug 1920 |
| Share capital | ¥100M |
| Employees (consolidated) | 164 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | January |
| Corporate number | 3010501024502 |
| EDINET | E00571 |
| Industries (Vizora) | E-commerce, Apparel |

> Profile source: annual securities report (S100Y034, filed 2026-04-22). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.5 | 55 |
| Profitability | 20.5 | 61 |
| Efficiency | 58.2 | 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 81% of Naigai's sales come from Wholesales Business, with Home shopping(mail-order)Business making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +1.5% from the prior year, operating profit -338.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥13.4B |  |
| Operating income | -¥136M | Margin -1.0% |
| Net income | ¥50M | Margin 0.4% |
| Free cash flow | -¥358M |  |
| Largest business | Wholesales Business | of segment revenue 81.2% |
| Employees (consolidated) | 164 |  |
| EPS | ¥5.54 |  |
| Book value per share | ¥704.46 |  |
| Equity ratio | 55.6% |  |
| Shares outstanding | 8,217,281 |  |
| Treasury shares | 403,300 |  |
| Shareholders | 7,476 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 24.0% | Cash ÷ revenue 22.2% |
| Vs. industry median margin | -4.1 pp | Apparel |
| ROE | 1.0% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 81 points
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11688000000 | ¥13356000000 | +14.3% |
| Operating income | ¥-1807000000 | ¥-136000000 | — |
| Operating margin | -15.5% | -1.0% | +14.4 pp |
| Employees | 209 people | 164 people | -21.5% |
| Cash and equivalents | ¥5437000000 | ¥2964000000 | -45.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 卸売り事業 → 卸売り事業 | 81.2% |
| 卸売り事業 → 事業再編・廃止 | 4.4% |
| 小売り事業 → 小売り事業 | 14.4% |
| 新設・再編 → 小売り事業 | 4.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,356 | 100.0% | S100Y034 |
| Cost of revenue | 8,453 | 63.3% | S100Y034 |
| Gross profit | 4,903 | 36.7% | S100Y034 |
| SG&A | 5,039 | 37.7% | S100Y034 |
| Operating income | -136 | -1.0% | S100Y034 |
| Ordinary income | -54 | -0.4% | S100Y034 |
| Pretax income | 83 | 0.6% | S100Y034 |
| Income tax | 33 | 0.2% | S100Y034 |
| Net income | 50 | 0.4% | S100Y034 |
| Net income attributable to owners | 50 | 0.4% | S100Y034 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 38 |
| Operating income | -1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 36.7% → Operating margin -1.0% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,162 | 13,356 | 194 | +1.5% |
| Gross profit | 4,883 | 4,903 | 20 | +0.4% |
| Operating income | 57 | -136 | -193 | -338.6% |
| Net income attributable to owners | 100 | 50 | -50 | -50.0% |
| Operating cash flow | -35 | -283 | -248 | — |
| Free cash flow | -102 | -358 | -256 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 16,741 | -256 | -1.5% | -446 | -1,122 | -1,279 | S100L8G8 |
| FY ending Jan 2021 | 11,688 | -1,807 | -15.5% | -1,837 | -321 | -414 | S100NYP2 |
| FY ending Jan 2022 | 13,465 | -89 | -0.7% | 124 | -511 | -629 | S100QNZH |
| FY ending Jan 2023 | 12,714 | -1,183 | -9.3% | -1,552 | -528 | -642 | S100TBSK |
| FY ending Jan 2024 | 13,021 | 22 | 0.2% | 112 | -357 | -411 | S100VNVJ |
| FY ending Jan 2025 | 13,162 | 57 | 0.4% | 100 | -35 | -102 | S100Y034 |
| FY ending Jan 2026 | 13,356 | -136 | -1.0% | 50 | -283 | -358 | S100Y034 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.4M |
| Operating income per employee (consolidated) | -¥829.3K |
| Net income per employee (consolidated) | ¥304.9K |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 192 | 160 | 154 | 156 | 164 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥4.9M | ¥5.7M | ¥5.6M |
| Average age (parent company) | 46.7 years | 46.4 years | 47.5 years | 46.8 years | 45.8 years |
| Average tenure (parent company) | 17.9 years | 16.9 years | 17.2 years | 16.0 years | 13.7 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesales Business | 10,839 | 81.2% | -224 | -2.1% |
| Home shopping(mail-order)Business | 2,517 | 18.8% | 87 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wholesales Business | 81.2% | — | — | -2.1% |
| Home shopping(mail-order)Business | 18.8% | 100.0% | 81.2 | 3.5% |

Loss-making segment (excluded from profit shares): Wholesales Business -224 JPY mn

Segment → industry: Home shopping(mail-order)Business → E-commerce / Home shopping(mail-order)Business → Apparel / Wholesales Business → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -283 | -2.1% | S100Y034 |
| Capital expenditure | 75 | 0.6% | S100Y034 |
| Free cash flow | -358 | -2.7% | 算出 |
| Investing cash flow | -60 | -0.4% | S100Y034 |
| Financing cash flow | -224 | -1.7% | S100Y034 |
| Share buyback | 100 | 0.7% | S100Y034 |
| Change in cash | -556 | -4.2% | S100Y034 |
| Cash and equivalents | 2,964 | 22.2% | S100Y034 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,115 | 3,936 | 3,356 | 3,521 | 2,964 | S100TBSK, S100VNVJ, S100Y034 |
| Total assets | 11,712 | 11,353 | 11,194 | 11,888 | 12,355 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Net assets | 6,963 | 5,783 | 5,795 | 6,562 | 6,868 | S100TBSK, S100VNVJ, S100Y034 |
| Share capital | 2,000 | 100 | 100 | 100 | 100 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Trade receivables | 2,791 | 2,166 | 2,437 | 2,427 | 2,692 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Property, plant and equipment | 316 | 206 | 197 | 205 | 269 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Intangible assets excluding goodwill | 101 | 39 | 11 | 5 | 5 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Investment securities | 1,787 | 2,164 | 2,265 | 2,921 | 3,515 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Current assets | 9,269 | 8,712 | 8,487 | 8,548 | 8,299 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Current liabilities | 3,483 | 4,162 | 3,927 | 3,624 | 3,665 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Trade payables | 623 | 425 | 630 | 537 | 545 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Short-term borrowings | 1,134 | 1,238 | 1,141 | 1,146 | 1,100 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Long-term borrowings | 300 | 561 | 522 | 463 | 385 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Total liabilities | 4,749 | 5,569 | 5,398 | 5,326 | 5,486 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Equity attributable to owners of parent | 6,617 | 5,054 | 4,756 | 4,849 | 4,810 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Retained earnings | -710 | -319 | -618 | -517 | -467 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |
| Treasury stock | 0 | -10 | -10 | -16 | -107 | S100QNZH, S100TBSK, S100VNVJ, S100Y034 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100Y034 |
| Receivables | 22% | S100Y034 |
| Property, plant and equipment | 2% | S100Y034 |
| Intangibles and goodwill | 0% | S100Y034 |
| Investment securities | 28% | S100Y034 |
| Other assets | 24% | S100Y034 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y034 |
| Other liabilities | 40% | S100Y034 |
| Equity | 56% | S100Y034 |
| Other liabilities | 0% | S100Y034 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,712 | 11,353 | 11,194 | 11,888 | 12,355 |
| Equity | 6,963 | 5,783 | 5,795 | 6,562 | 6,868 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,115 | 3,936 | 3,356 | 3,521 | 2,964 |

## 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) | 2.0% | S100Y034 |
| Fixed assets ÷ total assets | 2.2% | S100Y034 |
| Goodwill ÷ parent equity | — | —, S100Y034 |

### 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) | 24.0% |
| Cash ÷ revenue | 22.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -333 JPY mn (of net income -666.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| 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 | 0.9% | 1.15× | 1.1% | 1.77× | 1.9% | S100QNZH |
| 2023 | — | —× | -13.5% | —× | — | S100TBSK |
| 2024 | 0.9% | 1.16× | 1.0% | 2.30× | 2.3% | S100VNVJ |
| 2025 | 0.8% | 1.14× | 0.9% | 2.40× | 2.1% | S100Y034 |
| 2026 | 0.4% | 1.10× | 0.4% | 2.51× | 1.0% | S100Y034 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| タビオ株式会社 | Major shareholder | 11.7% | 2026-01-31 |
| ＭＮインターファッション株式会社 | Major shareholder | 10.4% | 2026-01-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED-HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 （常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 7.1% | 2026-01-31 |
| ナイガイ協力会社持株会 | Major shareholder | 4.8% | 2026-01-31 |
| ECM MF （常任代理人 立花証券株式会社） | Major shareholder | 4.4% | 2026-01-31 |
| 日本証券金融株式会社 | Major shareholder | 2.3% | 2026-01-31 |
| HMG JAPAN FUND （常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.8% | 2026-01-31 |
| 立花証券株式会社 | Major shareholder | 1.7% | 2026-01-31 |
| 松井証券株式会社 | Major shareholder | 0.9% | 2026-01-31 |
| 住友生命保険相互会社 | Major shareholder | 0.8% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第129期(2025/02/01－2026/01/31) | S100Y034 | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y034,, |
| 有価証券報告書－第128期(2024/02/01－2025/01/31) | S100VNVJ | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNVJ,, |
| 有価証券報告書－第127期(2023/02/01－2024/01/31) | S100TBSK | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBSK,, |
| 有価証券報告書－第126期(2022/02/01－2023/01/31) | S100QNZH | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNZH,, |
| 有価証券報告書－第125期(令和3年2月1日－令和4年1月31日) | S100NYP2 | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYP2,, |
| 有価証券報告書－第124期(令和2年2月1日－令和3年1月31日) | S100L8G8 | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8G8,, |

## 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).