# PAL GROUP 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54期(2025/03/01－2026/02/28) (S100Y647)
> Page: https://vizora.meequs.com/en/company/pal-group-holdings
> Retrieved: 2026-09-30T22:20:15.041Z

## Company

PAL GROUP Holdings, founded in 1973, is a company in Furniture, Interior & Lifestyle Goods listed on TSE Prime. It has 4,441 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PAL GROUP Holdings CO.,LTD. |
| Ticker | 2726 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2726.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区道修町三丁目6番1号 |
| Representative (per filing) | 代表取締役会長兼社長 児島宏文 |
| Founded | Oct 1973 |
| Share capital | ¥3.18B |
| Employees (consolidated) | 4,441 |
| Average salary (parent only) | ¥12.8M |
| Fiscal year end | February |
| Website | www.palgroup.holdings (https://www.palgroup.holdings/) |
| Corporate number | 1120001087503 |
| EDINET | E03387 |
| Industries (Vizora) | Furniture, Interior & Lifestyle Goods, Apparel |

> Profile source: annual securities report (S100Y647, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.6 | 55 |
| Profitability | 91 | 61 |
| Cash conversion | 43.6 | 47 |
| Efficiency | 73 | 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 62% of PAL GROUP Holdings's sales come from Clothing, with Miscellaneous goods and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +12.9% from the prior year, operating profit +14.7%.

## Company structure

- Segment revenue mix: Clothing 61.7%、Miscellaneous goods 38.2%、Other 0.1%
- Revenue → net income: ¥234704000000 → ¥17873000000
- Net income → operating cash flow: ¥17873000000 → ¥21332000000（difference ¥3459000000）
- Main uses of operating cash flow: CapEx ¥3575000000 / dividends ¥5209000000 / buybacks —
- Change in cash: ¥10548000000
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 | ¥234.7B |  |
| Operating income | ¥27.1B | Margin 11.6% |
| Net income | ¥17.7B | Margin 7.5% |
| Free cash flow | ¥17.8B |  |
| Largest business | Clothing | of segment revenue 61.7% |
| Employees (consolidated) | 4,441 |  |
| EPS | ¥77.16 |  |
| Book value per share | ¥357.78 |  |
| Equity ratio | 50.8% |  |
| Shares outstanding | 185,088,000 |  |
| Treasury shares | 11,441,600 |  |
| Shareholders | 36,000 |  |
| Average salary (parent only) | ¥12.8M | Filing company only |
| Cash ratio | 58.5% | Cash ÷ revenue 41.0% |
| Vs. industry median margin | +8.5 pp | Apparel |
| ROE | 23.0% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +139% over five years
- FY2026, one segment accounts for 70% of positive segment profit
- FY2026, cash is 59% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥108522000000 | ¥234704000000 | +116.3% |
| Operating income | ¥1383000000 | ¥27144000000 | +1862.7% |
| Operating margin | 1.3% | 11.6% | +10.3 pp |
| Employees | 3,608 people | 4,441 people | +23.1% |
| Cash and equivalents | ¥63088000000 | ¥96264000000 | +52.6% |

### 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 |
| --- | ---: |
| 衣料事業 → 衣料事業 | 61.7% |
| 衣料事業 → 事業再編・廃止 | 7.9% |
| 雑貨事業 → 雑貨事業 | 30.3% |
| その他 → その他 | 0.1% |
| 新設・再編 → 雑貨事業 | 7.8% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Clothing | 5 years | +13.9% | ¥144840000000 | 13.0% | 2 |
| Miscellaneous goods | 5 years | +22.2% | ¥89552000000 | 9.2% | 2 |
| Other | 5 years | +32.1% | ¥310000000 | -23.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 234,704 | 100.0% | S100Y647 |
| Cost of revenue | 101,652 | 43.3% | S100Y647 |
| Gross profit | 133,052 | 56.7% | S100Y647 |
| SG&A | 105,907 | 45.1% | S100Y647 |
| Operating income | 27,144 | 11.6% | S100Y647 |
| Ordinary income | 27,129 | 11.6% | S100Y647 |
| Pretax income | 26,907 | 11.5% | S100Y647 |
| Income tax | 9,033 | 3.8% | S100Y647 |
| Net income | 17,873 | 7.6% | S100Y647 |
| Net income attributable to owners | 17,714 | 7.5% | S100Y647 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 45 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 56.7% → Operating margin 11.6% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.9%; Core profit growth: +14.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.14×
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 | 207,825 | 234,704 | 26,879 | +12.9% |
| Gross profit | 116,256 | 133,052 | 16,796 | +14.4% |
| Operating income | 23,656 | 27,144 | 3,488 | +14.7% |
| Net income attributable to owners | 11,848 | 17,714 | 5,866 | +49.5% |
| Operating cash flow | 22,038 | 21,332 | -706 | -3.2% |
| Free cash flow | 18,679 | 17,757 | -922 | -4.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 132,163 | 9,067 | 6.9% | 7,028 | 14,705 | 13,327 | S100LFF6 |
| FY ending Feb 2021 | 108,522 | 1,383 | 1.3% | 270 | 1,450 | -381 | S100O4IQ |
| FY ending Feb 2022 | 134,200 | 7,520 | 5.6% | 4,001 | 7,970 | 6,331 | S100QUD1 |
| FY ending Feb 2023 | 164,482 | 15,822 | 9.6% | 9,955 | 17,029 | 14,550 | S100TIXZ |
| FY ending Feb 2024 | 192,544 | 18,605 | 9.7% | 12,845 | 13,460 | 10,294 | S100VU6M |
| FY ending Feb 2025 | 207,825 | 23,656 | 11.4% | 11,848 | 22,038 | 18,679 | S100Y647 |
| FY ending Feb 2026 | 234,704 | 27,144 | 11.6% | 17,714 | 21,332 | 17,757 | S100Y647 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.8M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4M |

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) | 3,632 | 3,591 | 3,804 | 4,279 | 4,441 |
| Average salary (parent company) | ¥5.4M | ¥6.7M | ¥7.1M | ¥8.7M | ¥12.8M |
| Average age (parent company) | 45.3 years | 46.2 years | 45.0 years | 46.0 years | 45.4 years |
| Average tenure (parent company) | 10.0 years | 10.3 years | 9.9 years | 9.6 years | 9.0 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +12.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Clothing | 144,840 | 61.7% | 18,893 | 13.0% |
| Miscellaneous goods | 89,552 | 38.2% | 8,264 | 9.2% |
| Other | 310 | 0.1% | -73 | -23.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Clothing | 61.7% | 69.6% | 7.9 | 13.0% |
| Miscellaneous goods | 38.2% | 30.4% | -7.7 | 9.2% |
| Other | 0.1% | — | — | -23.5% |

Loss-making segment (excluded from profit shares): Other -73 JPY mn

Segment → industry: Miscellaneous goods → Furniture, Interior & Lifestyle Goods / Clothing → 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 | 21,332 | 9.1% | S100Y647 |
| Capital expenditure | 3,575 | 1.5% | S100Y647 |
| Free cash flow | 17,757 | 7.6% | 算出 |
| Investing cash flow | -4,215 | -1.8% | S100Y647 |
| Financing cash flow | -6,591 | -2.8% | S100Y647 |
| Dividends paid | 5,209 | 2.2% | S100Y647 |
| Change in cash | 10,548 | 4.5% | S100Y647 |
| Cash and equivalents | 96,264 | 41.0% | S100Y647 |

## 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 | 52,250 | 63,845 | 67,228 | 85,715 | 96,264 | S100TIXZ, S100VU6M, S100Y647 |
| Total assets | 93,728 | 112,510 | 126,922 | 147,929 | 164,496 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Net assets | 47,389 | 55,191 | 63,444 | 73,353 | 86,167 | S100TIXZ, S100VU6M, S100Y647 |
| Share capital | 3,181 | 3,181 | 3,181 | 3,181 | 3,181 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Trade receivables | 6,342 | — | — | — | — | S100QUD1 |
| Property, plant and equipment | 6,608 | 9,120 | 10,905 | 12,965 | 14,189 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Intangible assets excluding goodwill | 467 | 333 | 393 | 816 | 739 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Investment securities | 1,594 | 2,002 | 2,341 | 267 | 279 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Current assets | 69,859 | 85,496 | 96,692 | 114,287 | 128,759 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Current liabilities | 36,334 | 43,237 | 45,023 | 50,586 | 58,762 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Trade payables | 20,366 | 24,335 | 28,845 | 29,252 | 25,719 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Short-term borrowings | 250 | 250 | 250 | 800 | 800 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Long-term borrowings | 5,794 | 8,118 | 10,962 | 12,184 | 11,390 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Total liabilities | 46,339 | 57,319 | 63,477 | 74,576 | 78,329 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Non-controlling interests | 60 | 8 | — | 2,460 | 2,618 | S100QUD1, S100TIXZ, S100Y647 |
| Equity attributable to owners of parent | 47,430 | 55,187 | 63,241 | 70,748 | 83,253 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Retained earnings | 41,943 | 49,703 | 59,254 | 66,761 | 79,266 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |
| Treasury stock | -2,173 | -2,174 | -3,672 | -3,672 | -3,672 | S100QUD1, S100TIXZ, S100VU6M, S100Y647 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100Y647 |
| Property, plant and equipment | 9% | S100Y647 |
| Intangibles and goodwill | 0% | S100Y647 |
| Investment securities | 0% | S100Y647 |
| Other assets | 32% | S100Y647 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100Y647 |
| Other liabilities | 32% | S100Y647 |
| Equity | 52% | S100Y647 |

### 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 | 93,728 | 112,510 | 126,922 | 147,929 | 164,496 |
| Equity | 47,389 | 55,191 | 63,444 | 73,353 | 86,167 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 52,250 | 63,845 | 67,228 | 85,715 | 96,264 |

## 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) | 6.0% | S100Y647 |
| Fixed assets ÷ total assets | 8.6% | S100Y647 |
| Goodwill ÷ parent equity | — | —, S100Y647 |

### 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) | 58.5% |
| Cash ÷ revenue | 41.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.6% |
| Cash vs. profit gap | 3,618 JPY mn (of net income 20.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.4% |
| Shareholder payments — dividends / FCF | 29.3% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 19.8% |

## 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 | 3.0% | 1.43× | 4.3% | 1.98× | 8.4% | S100QUD1 |
| 2023 | 6.1% | 1.60× | 9.7% | 2.01× | 19.4% | S100TIXZ |
| 2024 | 6.7% | 1.61× | 10.7% | 2.02× | 21.7% | S100VU6M |
| 2025 | 5.7% | 1.51× | 8.6% | 2.05× | 17.7% | S100Y647 |
| 2026 | 7.5% | 1.50× | 11.3% | 2.03× | 23.0% | S100Y647 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱スコッチ洋服店 | Major shareholder | 36.2% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.4% | 2026-02-28 |
| 井上 隆太 | Major shareholder | 5.7% | 2026-02-28 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-02-28 |
| ㈱三井住友銀行 | Major shareholder | 2.7% | 2026-02-28 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-02-28 |
| HSBC-FUND SERVICES HSBC-006 MF EFM(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 | 2.1% | 2026-02-28 |
| JPモルガン証券㈱ | Major shareholder | 1.7% | 2026-02-28 |
| 公益財団法人パル井上財団 | Major shareholder | 1.4% | 2026-02-28 |
| 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・エイ東京支店カストディ業務部) | Major shareholder | 1.0% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/03/01－2026/02/28) | S100Y647 | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y647,, |
| 有価証券報告書－第53期(2024/03/01－2025/02/28) | S100VU6M | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU6M,, |
| 有価証券報告書－第52期(2023/03/01－2024/02/29) | S100TIXZ | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIXZ,, |
| 訂正有価証券報告書－第51期(2022/03/01－2023/02/28) | S100QUD1 | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUD1,, |
| 有価証券報告書－第50期(令和3年3月1日－令和4年2月28日) | S100O4IQ | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4IQ,, |
| 有価証券報告書－第49期(令和2年3月1日－令和3年2月28日) | S100LFF6 | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFF6,, |

## 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).