# ONWARD HOLDINGS Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2025/03/01－2026/02/28) (S100Y6J6)
> Page: https://vizora.meequs.com/en/company/onward-holdings
> Retrieved: 2026-09-30T20:31:38.587Z

## Company

Onward Holdings, founded in 1947, is a company in Apparel listed on TSE Prime. It has 6,527 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ONWARD HOLDINGS CO.,LTD. |
| Ticker | 8016 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8016.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋三丁目10番5号 |
| Representative (per filing) | 代表取締役社長 保元道宣 |
| Founded | Sep 1947 |
| Share capital | ¥30.1B |
| Employees (consolidated) | 6,527 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | February |
| Website | www.onward-hd.co.jp (https://www.onward-hd.co.jp/) |
| Corporate number | 4010001034736 |
| EDINET | E02521 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y6J6, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 55 |
| Profitability | 59.8 | 61 |
| Cash conversion | 37.2 | 47 |
| Efficiency | 68 | 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 92% of Onward Holdings's sales come from Domestic Business, with Overseas Business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.6% from the prior year, operating profit +14.3%.

## Company structure

- Segment revenue mix: Domestic Business 92.0%、Overseas Business 8.0%
- Revenue → net income: ¥236804000000 → ¥10094000000
- Net income → operating cash flow: ¥10094000000 → ¥8249000000（difference ¥-1845000000）
- Main uses of operating cash flow: CapEx ¥5411000000 / dividends ¥5433000000 / buybacks ¥0
- Change in cash: ¥6209000000
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 | ¥236.8B |  |
| Operating income | ¥11.6B | Margin 4.9% |
| Net income | ¥10.1B | Margin 4.3% |
| Free cash flow | ¥2.84B |  |
| Largest business | Domestic Business | of segment revenue 92.0% |
| Employees (consolidated) | 6,527 |  |
| EPS | ¥47.83 |  |
| Diluted EPS | ¥47.8 |  |
| Book value per share | ¥680.43 |  |
| Equity ratio | 49.4% |  |
| Shares outstanding | 141,921,000 |  |
| Treasury shares | 5,906,500 |  |
| Shareholders | 82,791 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 10.4% | Cash ÷ revenue 8.3% |
| Vs. industry median margin | +1.9 pp | Apparel |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥175899000000 | ¥236804000000 | +34.6% |
| Operating income | ¥-20173000000 | ¥11604000000 | — |
| Operating margin | -11.5% | 4.9% | +16.4 pp |
| Employees | 7,498 people | 6,527 people | -13.0% |
| Cash and equivalents | ¥21270000000 | ¥19715000000 | -7.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| (国内) → 事業再編・廃止 | 32.9% |
| (海外) → 事業再編・廃止 | 11.3% |
| アパレル関連事業 → 事業再編・廃止 | 44.2% |
| ライフスタイル関連事業 → 事業再編・廃止 | 11.6% |
| 新設・再編 → 国内事業 | 92.0% |
| 新設・再編 → 海外事業 | 8.0% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 236,804 | 100.0% | S100Y6J6 |
| Cost of revenue | 107,388 | 45.3% | S100Y6J6 |
| Gross profit | 129,415 | 54.7% | S100Y6J6 |
| SG&A | 117,811 | 49.8% | S100Y6J6 |
| Operating income | 11,604 | 4.9% | S100Y6J6 |
| Ordinary income | 11,176 | 4.7% | S100Y6J6 |
| Pretax income | 13,539 | 5.7% | S100Y6J6 |
| Income tax | 3,445 | 1.5% | S100Y6J6 |
| Net income | 10,094 | 4.3% | S100Y6J6 |
| Net income attributable to owners | 10,094 | 4.3% | S100Y6J6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 50 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 54.7% → Operating margin 4.9% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.6%; Core profit growth: +14.3%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.05×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 208,393 | 236,804 | 28,411 | +13.6% |
| Gross profit | 113,575 | 129,415 | 15,840 | +13.9% |
| Operating income | 10,153 | 11,604 | 1,451 | +14.3% |
| Net income attributable to owners | 8,516 | 10,094 | 1,578 | +18.5% |
| Operating cash flow | 3,123 | 8,249 | 5,126 | +164.1% |
| Free cash flow | -1,707 | 2,838 | 4,545 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 248,233 | -3,061 | -1.2% | -52,135 | 8,003 | 2,302 | S100LFAK |
| FY ending Feb 2021 | 175,899 | -20,173 | -11.5% | -23,181 | -19,614 | -23,863 | S100O4JK |
| FY ending Feb 2022 | 168,453 | -1,079 | -0.6% | 8,566 | 7,814 | 4,885 | S100QTOD |
| FY ending Feb 2023 | 176,072 | 5,214 | 3.0% | 3,061 | 5,685 | 3,521 | S100THD7 |
| FY ending Feb 2024 | 189,629 | 11,260 | 5.9% | 6,611 | 3,999 | 2,032 | S100VSSL |
| FY ending Feb 2025 | 208,393 | 10,153 | 4.9% | 8,516 | 3,123 | -1,707 | S100Y6J6 |
| FY ending Feb 2026 | 236,804 | 11,604 | 4.9% | 10,094 | 8,249 | 2,838 | S100Y6J6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.3M |
| Operating income per employee (consolidated) | ¥1.8M |
| 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,377 | 6,061 | 5,750 | 6,253 | 6,527 |
| Average salary (parent company) | ¥5.6M | ¥5.9M | ¥6.5M | ¥6.8M | ¥6.6M |
| Average age (parent company) | 45.6 years | 45.6 years | 45.9 years | 45.8 years | 45.9 years |
| Average tenure (parent company) | 20.9 years | 19.8 years | 20.2 years | 19.4 years | 19.3 years |

Year over year: Employees (consolidated) +4.4% · Revenue (consolidated) +13.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Business | 217,876 | 92.0% | 12,700 | 5.8% |
| Overseas Business | 18,927 | 8.0% | -322 | -1.7% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Business | 92.0% | 100.0% | 8.0 | 5.8% |
| Overseas Business | 8.0% | — | — | -1.7% |

Loss-making segment (excluded from profit shares): Overseas Business -322 JPY mn

Segment → industry: Overseas Business → Apparel / Domestic Business → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,249 | 3.5% | S100Y6J6 |
| Capital expenditure | 5,411 | 2.3% | S100Y6J6 |
| Free cash flow | 2,838 | 1.2% | 算出 |
| Investing cash flow | 6,390 | 2.7% | S100Y6J6 |
| Financing cash flow | -8,644 | -3.7% | S100Y6J6 |
| Dividends paid | 5,433 | 2.3% | S100Y6J6 |
| Share buyback | 0 | 0.0% | S100Y6J6 |
| Change in cash | 6,209 | 2.6% | S100Y6J6 |
| Cash and equivalents | 19,715 | 8.3% | S100Y6J6 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,199 | 13,795 | 14,133 | 13,505 | 19,715 | S100THD7, S100VSSL, S100Y6J6 |
| Total assets | 157,727 | 159,198 | 171,362 | 179,218 | 189,223 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Net assets | 77,257 | 85,073 | 84,995 | 84,287 | 93,588 | S100THD7, S100VSSL, S100Y6J6 |
| Share capital | 30,079 | 30,079 | 30,079 | 30,079 | 30,079 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Property, plant and equipment | 58,042 | 53,130 | 50,468 | 47,693 | 43,418 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Intangible assets excluding goodwill | 9,349 | 9,106 | 8,822 | 12,846 | 11,581 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Goodwill | 4,631 | 4,025 | 3,289 | 5,835 | 4,818 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Investment securities | 14,117 | 16,433 | 16,600 | 13,789 | 13,446 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Current assets | 60,508 | 62,255 | 73,400 | 80,101 | 92,525 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Current liabilities | 55,761 | 53,124 | 62,350 | 62,728 | 68,661 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Trade payables | 6,361 | 8,154 | 8,740 | 10,250 | 11,385 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Short-term borrowings | 18,705 | 14,880 | 20,198 | 22,518 | 23,970 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Long-term borrowings | 12,377 | 8,657 | 12,255 | 21,268 | 15,250 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Total liabilities | 80,470 | 74,125 | 86,367 | 94,931 | 95,635 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Non-controlling interests | 10,248 | 10,243 | 5,122 | — | — | S100QTOD, S100THD7, S100VSSL |
| Equity attributable to owners of parent | 75,030 | 75,721 | 80,849 | 84,206 | 89,000 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Retained earnings | 15,391 | 16,042 | 21,165 | 24,515 | 26,224 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |
| Treasury stock | -20,831 | -20,748 | -20,737 | -20,723 | -4,694 | S100QTOD, S100THD7, S100VSSL, S100Y6J6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100Y6J6 |
| Property, plant and equipment | 23% | S100Y6J6 |
| Intangibles and goodwill | 9% | S100Y6J6 |
| Investment securities | 7% | S100Y6J6 |
| Other assets | 51% | S100Y6J6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y6J6 |
| Other liabilities | 45% | S100Y6J6 |
| Equity | 49% | S100Y6J6 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 157,727 | 159,198 | 171,362 | 179,218 | 189,223 |
| Equity | 77,257 | 85,073 | 84,995 | 84,287 | 93,588 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,199 | 13,795 | 14,133 | 13,505 | 19,715 |

## 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) | 18.3% | S100Y6J6 |
| Fixed assets ÷ total assets | 22.9% | S100Y6J6 |
| Goodwill ÷ parent equity | 5.4% | S100Y6J6 |

Goodwill over 4 years: 4,631 → 4,818 JPY; total investing cash flow: 22,754 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) | 10.4% |
| Cash ÷ revenue | 8.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.1% |
| Cash vs. profit gap | -1,845 JPY mn (of net income -18.3%) |
| Shareholder returns / net income | 53.8% |
| Shareholder returns / FCF | 191.4% |
| Shareholder payments — dividends / net income | 53.8% |
| Shareholder payments — dividends / FCF | 191.4% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 77.5% |

## 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 | 5.1% | 1.07× | 5.4% | 2.10× | 11.4% | S100QTOD |
| 2023 | 1.7% | 1.11× | 1.9% | 2.10× | 4.1% | S100THD7 |
| 2024 | 3.5% | 1.15× | 4.0% | 2.11× | 8.4% | S100VSSL |
| 2025 | 4.1% | 1.19× | 4.9% | 2.12× | 10.3% | S100Y6J6 |
| 2026 | 4.3% | 1.29× | 5.5% | 2.13× | 11.7% | S100Y6J6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 (信託口) | Major shareholder | 11.7% | 2026-02-28 |
| 公益財団法人樫山奨学財団 | Major shareholder | 6.4% | 2026-02-28 |
| オンワードホールディングス取引先持株会 | Major shareholder | 3.9% | 2026-02-28 |
| 日本生命保険相互会社 | Major shareholder | 3.4% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 2.9% | 2026-02-28 |
| 株式会社アニヴェルセルＨＯＬＤＩＮＧＳ | Major shareholder | 1.9% | 2026-02-28 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.4% | 2026-02-28 |
| 株式会社三越伊勢丹 | Major shareholder | 1.3% | 2026-02-28 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店 カストディ業務部長 石川 潤) | Major shareholder | 1.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/03/01－2026/02/28) | S100Y6J6 | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6J6,, |
| 有価証券報告書－第78期(2024/03/01－2025/02/28) | S100VSSL | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSSL,, |
| 有価証券報告書－第77期(2023/03/01－2024/02/29) | S100THD7 | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THD7,, |
| 有価証券報告書－第76期(2022/03/01－2023/02/28) | S100QTOD | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTOD,, |
| 有価証券報告書－第75期(令和3年3月1日－令和4年2月28日) | S100O4JK | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4JK,, |
| 有価証券報告書－第74期(令和2年3月1日－令和3年2月28日) | S100LFAK | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFAK,, |

## 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).