# PALEMO 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41期(2025/02/21－2026/02/20) (S100Y39Y)
> Page: https://vizora.meequs.com/en/company/palemo-holdings
> Retrieved: 2026-09-30T20:31:17.617Z

## Company

Palemo Holdings, founded in 1984, is a company in Apparel listed on TSE Standard. It has 118 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PALEMO HOLDINGS CO.,LTD. |
| Ticker | 2778 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2778.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中村区名駅五丁目27番13号 名駅錦橋ビル6階 |
| Representative (per filing) | 代表取締役社長 香西 雅弘 |
| Founded | Nov 1984 |
| Share capital | ¥100M |
| Employees (consolidated) | 118 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | February |
| Website | www.palemo.co.jp (https://www.palemo.co.jp/) |
| Corporate number | 4180001086075 |
| EDINET | E03415 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y39Y, filed 2026-05-13). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 55 |
| Profitability | 33.6 | 61 |
| Cash conversion | 16 | 47 |
| Efficiency | 92.6 | 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)

- Palemo Holdings brought in ¥14.1B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -6.4% from the prior year, operating profit -11.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.1B |  |
| Operating income | ¥190.4M | Margin 1.4% |
| Net income | ¥21.4M | Margin 0.2% |
| Free cash flow | -¥439M |  |
| Employees (consolidated) | 118 |  |
| EPS | ¥1.77 |  |
| Diluted EPS | ¥1.47 |  |
| Book value per share | ¥109.18 |  |
| Equity ratio | 25.2% |  |
| Shares outstanding | 12,051,384 |  |
| Treasury shares | 59,400 |  |
| Shareholders | 7,002 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 9.1% |
| Vs. industry median margin | -1.7 pp | Apparel |
| ROE | 1.4% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18257361000 | ¥14082615000 | -22.9% |
| Operating income | ¥-1325921000 | ¥190358000 | — |
| Operating margin | -7.3% | 1.4% | +8.6 pp |
| Employees | 160 people | 118 people | -26.3% |
| Cash and equivalents | ¥2135678000 | ¥1276248000 | -40.2% |

### 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 |
| --- | ---: |
| 店舗小売事業 → 事業再編・廃止 | 95.2% |
| ＦＣ事業 → 事業再編・廃止 | 1.7% |
| その他 → 事業再編・廃止 | 3.1% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,083 | 100.0% | S100Y39Y |
| Cost of revenue | 6,656 | 47.3% | S100Y39Y |
| Gross profit | 7,427 | 52.7% | S100Y39Y |
| SG&A | 7,237 | 51.4% | S100Y39Y |
| Operating income | 190 | 1.4% | S100Y39Y |
| Ordinary income | 178 | 1.3% | S100Y39Y |
| Pretax income | 49 | 0.3% | S100Y39Y |
| Income tax | 27 | 0.2% | S100Y39Y |
| Net income | 21 | 0.2% | S100Y39Y |
| Net income attributable to owners | 21 | 0.2% | S100Y39Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 52 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 52.7% → Operating margin 1.4% → Net margin 0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.4%; Core profit growth: -11.4%
Operating leverage (core profit growth ÷ revenue growth): 1.79×
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 | 15,041 | 14,083 | -958 | -6.4% |
| Gross profit | 7,896 | 7,427 | -469 | -5.9% |
| Operating income | 215 | 190 | -25 | -11.4% |
| Net income attributable to owners | -48 | 21 | 69 | — |
| Operating cash flow | 363 | -124 | -488 | -134.1% |
| Free cash flow | 119 | -439 | -558 | -468.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 24,084 | 505 | 2.1% | 350 | 620 | -80 | S100LITS |
| FY ending Feb 2021 | 18,257 | -1,326 | -7.3% | -1,881 | -1,156 | -1,418 | S100O17W |
| FY ending Feb 2022 | 17,907 | -710 | -4.0% | -1,394 | -159 | -402 | S100QSE7 |
| FY ending Feb 2023 | 17,514 | 527 | 3.0% | 562 | 207 | 11 | S100TG6Z |
| FY ending Feb 2024 | 15,941 | 362 | 2.3% | 412 | 566 | 429 | S100VRLV |
| FY ending Feb 2025 | 15,041 | 215 | 1.4% | -48 | 363 | 119 | S100Y39Y |
| FY ending Feb 2026 | 14,083 | 190 | 1.4% | 21 | -124 | -439 | S100Y39Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥119.3M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥181.4K |

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) | 154 | 135 | 135 | 127 | 118 |
| Average salary (parent company) | ¥6.2M | ¥5.5M | ¥5.8M | ¥6.3M | ¥6.1M |
| Average age (parent company) | 53.9 years | 54.9 years | 54.6 years | 51.1 years | 52.2 years |
| Average tenure (parent company) | 25.7 years | 28.3 years | 27.5 years | 24.0 years | 24.8 years |

Year over year: Employees (consolidated) -7.1% · Revenue (consolidated) -6.4%

## 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 | -124 | -0.9% | S100Y39Y |
| Capital expenditure | 315 | 2.2% | S100Y39Y |
| Free cash flow | -439 | -3.1% | 算出 |
| Investing cash flow | -333 | -2.4% | S100Y39Y |
| Financing cash flow | -311 | -2.2% | S100Y39Y |
| Dividends paid | 15 | 0.1% | S100Y39Y |
| Share buyback | 8 | 0.1% | S100Y39Y |
| Change in cash | -768 | -5.5% | S100Y39Y |
| Cash and equivalents | 1,276 | 9.1% | S100Y39Y |

## 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 | 2,210 | 3,045 | 2,945 | 2,044 | 1,276 | S100TG6Z, S100VRLV, S100Y39Y |
| Total assets | 9,218 | 8,769 | 8,426 | 6,989 | 6,235 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Net assets | 418 | 1,246 | 1,643 | 1,580 | 1,580 | S100TG6Z, S100VRLV, S100Y39Y |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Property, plant and equipment | 1,064 | 927 | 773 | 581 | 587 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Intangible assets excluding goodwill | 83 | 62 | 34 | 144 | 235 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Investment securities | 5 | 5 | 5 | 5 | — | S100QSE7, S100TG6Z, S100VRLV |
| Current assets | 5,708 | 5,610 | 5,632 | 4,436 | 3,681 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Current liabilities | 7,499 | 6,960 | 6,246 | 3,271 | 2,833 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Trade payables | 950 | 636 | 699 | 519 | 528 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Short-term borrowings | 2,250 | 2,350 | 1,876 | — | — | S100QSE7, S100TG6Z, S100VRLV |
| Long-term borrowings | 700 | — | — | 1,643 | 1,357 | S100QSE7, S100Y39Y |
| Total liabilities | 8,800 | 7,524 | 6,784 | 5,408 | 4,655 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Equity attributable to owners of parent | 383 | 1,232 | 1,629 | 1,567 | 1,570 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Retained earnings | -1,674 | -1,112 | -700 | -748 | -726 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |
| Treasury stock | -26 | -5 | -5 | -5 | -9 | S100QSE7, S100TG6Z, S100VRLV, S100Y39Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100Y39Y |
| Property, plant and equipment | 9% | S100Y39Y |
| Intangibles and goodwill | 4% | S100Y39Y |
| Other assets | 66% | S100Y39Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100Y39Y |
| Other liabilities | 66% | S100Y39Y |
| Equity | 25% | S100Y39Y |

### 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 | 9,218 | 8,769 | 8,426 | 6,989 | 6,235 |
| Equity | 418 | 1,246 | 1,643 | 1,580 | 1,580 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,210 | 3,045 | 2,945 | 2,044 | 1,276 |

## 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) | 4.2% | S100Y39Y |
| Fixed assets ÷ total assets | 9.4% | S100Y39Y |
| Goodwill ÷ parent equity | — | —, S100Y39Y |

### 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) | 20.5% |
| Cash ÷ revenue | 9.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -65.2% |
| Cash vs. profit gap | -146 JPY mn (of net income -679.9%) |
| Shareholder returns / net income | 103.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 68.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| 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 | — | —× | -15.1% | —× | — | S100QSE7 |
| 2023 | 3.2% | 1.95× | 6.2% | 11.14× | 69.6% | S100TG6Z |
| 2024 | 2.6% | 1.85× | 4.8% | 6.01× | 28.8% | S100VRLV |
| 2025 | — | —× | -0.6% | —× | — | S100Y39Y |
| 2026 | 0.2% | 2.13× | 0.3% | 4.22× | 1.4% | S100Y39Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社西松屋チェーン | Major shareholder | 17.4% | 2026-02-20 |
| 森 美穂 | Major shareholder | 3.4% | 2026-02-20 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.2% | 2026-02-20 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 3.1% | 2026-02-20 |
| トラストワークスプランニング株式会社 | Major shareholder | 2.4% | 2026-02-20 |
| 株式会社ＳＢＩネオトレード証券 | Major shareholder | 1.6% | 2026-02-20 |
| パレモ従業員持株会 | Major shareholder | 1.3% | 2026-02-20 |
| 吉田 馨 | Major shareholder | 1.1% | 2026-02-20 |
| サンラリー株式会社 | Major shareholder | 1.0% | 2026-02-20 |
| 鈴木 義人 | Major shareholder | 1.0% | 2026-02-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/02/21－2026/02/20) | S100Y39Y | 2026-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y39Y,, |
| 有価証券報告書－第40期(2024/02/21－2025/02/20) | S100VRLV | 2025-05-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRLV,, |
| 有価証券報告書－第39期(2023/02/21－2024/02/20) | S100TG6Z | 2024-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TG6Z,, |
| 有価証券報告書－第38期(2022/02/21－2023/02/20) | S100QSE7 | 2023-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSE7,, |
| 有価証券報告書－第37期(令和3年2月21日－令和4年2月20日) | S100O17W | 2022-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O17W,, |
| 訂正有価証券報告書－第36期(令和2年2月21日－令和3年2月20日) | S100LITS | 2021-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LITS,, |

## 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).