# NIHONWASOU HOLDINGS,INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/01/01－2025/12/31) (S100XTS2)
> Page: https://vizora.meequs.com/en/company/nihonwasou-holdings
> Retrieved: 2026-09-30T22:48:28.677Z

## Company

Nihonwasou Holdings, founded in 1986, is a company in Apparel listed on TSE Standard. It has 154 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHONWASOU HOLDINGS,INC. |
| Ticker | 2499 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2499.T) |
| Listing | TSE Standard |
| Head office | 東京都港区六本木六丁目2番31号 |
| Representative (per filing) | 代表取締役社長 鶴野 尚史 |
| Founded | Jul 1986 |
| Share capital | ¥478.2M |
| Employees (consolidated) | 154 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | www.wasou.com (https://www.wasou.com/) |
| Corporate number | 5010001111724 |
| EDINET | E05631 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100XTS2, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Apparel (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.2 | 55 |
| Profitability | 79.5 | 61 |
| Cash conversion | 54.3 | 47 |
| Efficiency | 12.3 | 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)

- Nihonwasou Holdings brought in ¥4.49B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -4.7% from the prior year, operating profit -21.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4485990000 → ¥231242000
- Net income → operating cash flow: ¥231242000 → ¥385914000（difference ¥154672000）
- Main uses of operating cash flow: CapEx ¥5468000 / dividends ¥126918000 / buybacks —
- Change in cash: ¥-327596000
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 | ¥4.49B |  |
| Operating income | ¥375.3M | Margin 8.4% |
| Net income | ¥231.2M | Margin 5.2% |
| Free cash flow | ¥380.4M |  |
| Employees (consolidated) | 154 |  |
| EPS | ¥14.68 |  |
| Book value per share | ¥308.79 |  |
| Equity ratio | 42.6% |  |
| Shares outstanding | 9,134,000 |  |
| Treasury shares | 68,400 |  |
| Shareholders | 6,769 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 24.8% | Cash ÷ revenue 48.5% |
| Vs. industry median margin | +5.3 pp | Apparel |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4550407000 | ¥4485990000 | -1.4% |
| Operating income | ¥160044000 | ¥375323000 | +134.5% |
| Operating margin | 3.5% | 8.4% | +4.8 pp |
| Employees | 167 people | 154 people | -7.8% |
| Cash and equivalents | ¥2431130000 | ¥2175181000 | -10.5% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,486 | 100.0% | S100XTS2 |
| Cost of revenue | 400 | 8.9% | S100XTS2 |
| Gross profit | 4,086 | 91.1% | S100XTS2 |
| SG&A | 3,710 | 82.7% | S100XTS2 |
| Operating income | 375 | 8.4% | S100XTS2 |
| Ordinary income | 325 | 7.2% | S100XTS2 |
| Pretax income | 349 | 7.8% | S100XTS2 |
| Income tax | 118 | 2.6% | S100XTS2 |
| Net income | 231 | 5.2% | S100XTS2 |
| Net income attributable to owners | 231 | 5.2% | S100XTS2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 9 |
| SG&A | 83 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 91.1% → Operating margin 8.4% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.7%; Core profit growth: -21.9%
Operating leverage (core profit growth ÷ revenue growth): 4.70×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,705 | 4,486 | -219 | -4.7% |
| Gross profit | 4,297 | 4,086 | -211 | -4.9% |
| Operating income | 480 | 375 | -105 | -21.9% |
| Net income attributable to owners | 296 | 231 | -65 | -22.0% |
| Operating cash flow | 343 | 386 | 43 | +12.5% |
| Free cash flow | 328 | 380 | 53 | +16.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 5,511 | 627 | 11.4% | 360 | 186 | 122 | S100L3AL |
| FY ending Dec 2020 | 4,550 | 160 | 3.5% | 94 | 420 | 418 | S100NSXJ |
| FY ending Dec 2021 | 5,059 | 445 | 8.8% | 271 | 752 | 727 | S100QI3F |
| FY ending Dec 2022 | 4,770 | 420 | 8.8% | 237 | 27 | 12 | S100T6IU |
| FY ending Dec 2023 | 4,504 | 394 | 8.7% | 173 | -179 | -202 | S100VICO |
| FY ending Dec 2024 | 4,705 | 480 | 10.2% | 296 | 343 | 328 | S100XTS2 |
| FY ending Dec 2025 | 4,486 | 375 | 8.4% | 231 | 386 | 380 | S100XTS2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.1M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 161 | 158 | 159 | 155 | 154 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.2M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 47.0 years | 47.1 years | 48.8 years | 49.7 years | 50.6 years |
| Average tenure (parent company) | 8.4 years | 8.8 years | 8.9 years | 9.0 years | 9.6 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) -4.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 386 | 8.6% | S100XTS2 |
| Capital expenditure | 5 | 0.1% | S100XTS2 |
| Free cash flow | 380 | 8.5% | 算出 |
| Investing cash flow | -94 | -2.1% | S100XTS2 |
| Financing cash flow | -619 | -13.8% | S100XTS2 |
| Dividends paid | 127 | 2.8% | S100XTS2 |
| Change in cash | -328 | -7.3% | S100XTS2 |
| Cash and equivalents | 2,175 | 48.5% | S100XTS2 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,660 | 2,592 | 2,451 | 2,503 | 2,175 | S100T6IU, S100VICO, S100XTS2 |
| Total assets | 8,958 | 8,804 | 9,211 | 9,342 | 8,772 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Net assets | 3,297 | 3,398 | 3,457 | 3,633 | 3,733 | S100T6IU, S100VICO, S100XTS2 |
| Share capital | 478 | 478 | 478 | 478 | 478 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Inventories | 145 | 113 | 106 | 121 | 153 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Property, plant and equipment | 165 | 144 | 129 | 118 | 108 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Intangible assets excluding goodwill | 10 | 14 | 24 | 20 | 16 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Current assets | 8,554 | 8,442 | 8,867 | 9,041 | 8,539 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Current liabilities | 3,901 | 3,267 | 3,821 | 3,733 | 3,618 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Short-term borrowings | 2,691 | 2,385 | 2,774 | 2,609 | 2,672 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Long-term borrowings | 1,754 | 2,129 | 1,924 | 1,970 | 1,415 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Total liabilities | 5,661 | 5,406 | 5,754 | 5,709 | 5,039 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Equity attributable to owners of parent | 3,295 | 3,386 | 3,441 | 3,611 | 3,715 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Retained earnings | 2,547 | 2,639 | 2,693 | 2,863 | 2,967 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |
| Treasury stock | -23 | -23 | -23 | -23 | -23 | S100QI3F, S100T6IU, S100VICO, S100XTS2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XTS2 |
| Inventories | 2% | S100XTS2 |
| Property, plant and equipment | 1% | S100XTS2 |
| Intangibles and goodwill | 0% | S100XTS2 |
| Other assets | 72% | S100XTS2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100XTS2 |
| Equity | 43% | S100XTS2 |
| Other liabilities | 0% | S100XTS2 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,958 | 8,804 | 9,211 | 9,342 | 8,772 |
| Equity | 3,297 | 3,398 | 3,457 | 3,633 | 3,733 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,660 | 2,592 | 2,451 | 2,503 | 2,175 |

## 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) | 2.4% | S100XTS2 |
| Fixed assets ÷ total assets | 1.2% | S100XTS2 |
| Goodwill ÷ parent equity | — | —, S100XTS2 |

### 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) | 24.8% |
| Cash ÷ revenue | 48.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.8% |
| Cash vs. profit gap | 155 JPY mn (of net income 66.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.9% |
| Shareholder payments — dividends / FCF | 33.4% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 24.2% |

## 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 | 5.4% | 0.56× | 3.0% | 2.72× | 8.2% | S100QI3F |
| 2022 | 5.0% | 0.54× | 2.7% | 2.66× | 7.1% | S100T6IU |
| 2023 | 3.8% | 0.50× | 1.9% | 2.64× | 5.1% | S100VICO |
| 2024 | 6.3% | 0.51× | 3.2% | 2.63× | 8.4% | S100XTS2 |
| 2025 | 5.2% | 0.50× | 2.6% | 2.47× | 6.3% | S100XTS2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉田 重久 | Major shareholder | 53.9% | 2025-12-31 |
| 中川 昴 | Major shareholder | 4.7% | 2025-12-31 |
| 日本和装加盟店持株会 | Major shareholder | 3.5% | 2025-12-31 |
| 日本和装ホールディングス 社員持株会 | Major shareholder | 2.4% | 2025-12-31 |
| 大川 真美 | Major shareholder | 2.0% | 2025-12-31 |
| 道面 義雄 | Major shareholder | 1.1% | 2025-12-31 |
| となみ織物株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 日本和装講師持株会 | Major shareholder | 0.7% | 2025-12-31 |
| 奥津 利彦 | Major shareholder | 0.6% | 2025-12-31 |
| 金室 貴久 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/01/01－2025/12/31) | S100XTS2 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTS2,, |
| 有価証券報告書－第39期(2024/01/01－2024/12/31) | S100VICO | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VICO,, |
| 有価証券報告書－第38期(2023/01/01－2023/12/31) | S100T6IU | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6IU,, |
| 有価証券報告書－第37期(2022/01/01－2022/12/31) | S100QI3F | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI3F,, |
| 有価証券報告書－第36期(令和3年1月1日－令和3年12月31日) | S100NSXJ | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSXJ,, |
| 有価証券報告書－第35期(令和2年1月1日－令和2年12月31日) | S100L3AL | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3AL,, |

## 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).