# REGAL CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第194期(2025/04/01－2026/03/31) (S100YFIT)
> Page: https://vizora.meequs.com/en/company/regal
> Retrieved: 2026-09-30T19:42:04.621Z

## Company

Regal, founded in 1902, is a company in Shoes & Bags listed on TSE Standard. It has 790 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | REGAL CORPORATION |
| Ticker | 7938 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7938.T) |
| Listing | TSE Standard |
| Head office | 千葉県浦安市日の出二丁目1番8号 |
| Representative (per filing) | 代表取締役社長 青野 元一 |
| Founded | Jan 1902 |
| Share capital | ¥5.36B |
| Employees (consolidated) | 790 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.regal.co.jp (https://www.regal.co.jp/) |
| Corporate number | 4040001034188 |
| EDINET | E01118 |
| Industries (Vizora) | Shoes & Bags |

> Profile source: annual securities report (S100YFIT, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Shoes & Bags (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.7 | 7 |
| Profitability | 16.7 | 9 |
| Efficiency | 16.7 | 9 |

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 63% of Regal's sales come from Shoes retail, with Shoes wholesale and Other making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -3.0% from the prior year, operating profit -197.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥22.8B |  |
| Operating income | -¥385M | Margin -1.7% |
| Net income | ¥244M | Margin 1.1% |
| Free cash flow | -¥1.46B |  |
| Largest business | Shoes retail | of segment revenue 63.1% |
| Employees (consolidated) | 790 |  |
| EPS | ¥114.03 |  |
| Diluted EPS | ¥113.73 |  |
| Book value per share | ¥4305.22 |  |
| Equity ratio | 49.5% |  |
| Shares outstanding | 3,250,000 |  |
| Treasury shares | 280,000 |  |
| Shareholders | 8,048 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 12.6% | Cash ÷ revenue 15.3% |
| Vs. industry median margin | -3.6 pp | Shoes & Bags |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.6× dividends
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 100 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19200000000 | ¥22841000000 | +19.0% |
| Operating income | ¥-2181000000 | ¥-385000000 | — |
| Operating margin | -11.4% | -1.7% | +9.7 pp |
| Employees | 1,128 people | 790 people | -30.0% |
| Cash and equivalents | ¥6756000000 | ¥3489000000 | -48.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 靴小売事業 → 靴小売事業 | 54.8% |
| 靴卸売事業 → 靴卸売事業 | 36.8% |
| 靴卸売事業 → 事業再編・廃止 | 8.3% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 靴小売事業 | 8.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Shoes retail | 5 years | +6.5% | ¥14412000000 | -2.4% | 2 |
| Shoes wholesale | 5 years | -0.6% | ¥8416000000 | -0.6% | 2 |
| Other | 5 years | -11.4% | ¥12000000 | 66.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,841 | 100.0% | S100YFIT |
| Cost of revenue | 12,126 | 53.1% | S100YFIT |
| Gross profit | 10,715 | 46.9% | S100YFIT |
| SG&A | 11,100 | 48.6% | S100YFIT |
| Operating income | -385 | -1.7% | S100YFIT |
| Ordinary income | -215 | -0.9% | S100YFIT |
| Pretax income | 316 | 1.4% | S100YFIT |
| Income tax | 72 | 0.3% | S100YFIT |
| Net income | 244 | 1.1% | S100YFIT |
| Net income attributable to owners | 244 | 1.1% | S100YFIT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 49 |
| Operating income | -2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 46.9% → Operating margin -1.7% → Net margin 1.1%
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 Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 23,558 | 22,841 | -717 | -3.0% |
| Gross profit | 11,441 | 10,715 | -726 | -6.3% |
| Operating income | 397 | -385 | -782 | -197.0% |
| Net income attributable to owners | 700 | 244 | -456 | -65.1% |
| Operating cash flow | 226 | -933 | -1,159 | -512.8% |
| Free cash flow | 3 | -1,459 | -1,462 | -48733.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,152 | -727 | -2.5% | -1,302 | -435 | -813 | S100LNRS |
| FY ending Mar 2021 | 19,200 | -2,181 | -11.4% | -4,417 | -2,498 | -2,692 | S100OFG0 |
| FY ending Mar 2022 | 20,814 | 159 | 0.8% | 138 | 1,543 | 1,364 | S100R2WT |
| FY ending Mar 2023 | 22,561 | 293 | 1.3% | 491 | 102 | -821 | S100TQIY |
| FY ending Mar 2024 | 23,731 | 518 | 2.2% | 427 | -1,049 | -1,520 | S100W16P |
| FY ending Mar 2025 | 23,558 | 397 | 1.7% | 700 | 226 | 3 | S100YFIT |
| FY ending Mar 2026 | 22,841 | -385 | -1.7% | 244 | -933 | -1,459 | S100YFIT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.9M |
| Operating income per employee (consolidated) | -¥487.3K |
| Net income per employee (consolidated) | ¥308.9K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 995 | 970 | 952 | 834 | 790 |
| Average salary (parent company) | ¥4.5M | ¥5.3M | ¥5.8M | ¥6.2M | ¥5.7M |
| Average age (parent company) | 46.1 years | 46.8 years | 47.4 years | 46.3 years | 44.8 years |
| Average tenure (parent company) | 20.8 years | 23.4 years | 23.8 years | 22.2 years | 20.7 years |

Year over year: Employees (consolidated) -5.3% · Revenue (consolidated) -3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Shoes retail | 14,412 | 63.1% | -340 | -2.4% |
| Shoes wholesale | 8,416 | 36.8% | -54 | -0.6% |
| Other | 12 | 0.1% | 8 | 66.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Shoes retail | 63.1% | — | — | -2.4% |
| Shoes wholesale | 36.8% | — | — | -0.6% |
| Other | 0.1% | 100.0% | 99.9 | 66.7% |

Loss-making segment (excluded from profit shares): Shoes retail -340 JPY mn

Loss-making segment (excluded from profit shares): Shoes wholesale -54 JPY mn

Segment → industry: Shoes wholesale → Shoes & Bags / Shoes retail → Shoes & Bags

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -933 | -4.1% | S100YFIT |
| Capital expenditure | 526 | 2.3% | S100YFIT |
| Free cash flow | -1,459 | -6.4% | 算出 |
| Investing cash flow | 896 | 3.9% | S100YFIT |
| Financing cash flow | -221 | -1.0% | S100YFIT |
| Dividends paid | 235 | 1.0% | S100YFIT |
| Share buyback | 371 | 1.6% | S100YFIT |
| Change in cash | -239 | -1.0% | S100YFIT |
| Cash and equivalents | 3,489 | 15.3% | S100YFIT |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,809 | 6,597 | 5,140 | 3,729 | 3,489 | S100TQIY, S100W16P, S100YFIT |
| Total assets | 27,383 | 27,500 | 27,796 | 26,258 | 27,606 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Net assets | 10,281 | 10,963 | 12,450 | 12,746 | 13,674 | S100TQIY, S100W16P, S100YFIT |
| Share capital | 5,355 | 5,355 | 5,355 | 5,355 | 5,355 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Property, plant and equipment | 5,264 | 4,943 | 5,011 | 4,966 | 5,152 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Intangible assets excluding goodwill | 143 | 973 | 934 | 800 | 650 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Investment securities | 2,410 | 2,542 | 3,825 | 3,815 | 5,555 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Current assets | 17,835 | 17,137 | 16,478 | 14,958 | 14,829 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Current liabilities | 10,615 | 10,566 | 12,849 | 9,329 | 9,673 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Trade payables | 2,290 | 1,891 | 1,017 | 875 | 823 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Short-term borrowings | 6,520 | 6,178 | 9,420 | 6,292 | 6,976 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Long-term borrowings | 4,807 | 4,329 | 909 | 2,801 | 2,573 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Total liabilities | 17,101 | 16,536 | 15,346 | 13,512 | 13,932 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Non-controlling interests | 29 | 31 | 29 | — | — | S100R2WT, S100TQIY, S100W16P |
| Equity attributable to owners of parent | 8,906 | 9,373 | 9,638 | 9,933 | 9,570 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Retained earnings | 2,921 | 3,380 | 3,648 | 4,131 | 4,140 | S100R2WT, S100TQIY, S100W16P, S100YFIT |
| Treasury stock | -124 | -117 | -119 | -310 | -682 | S100R2WT, S100TQIY, S100W16P, S100YFIT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YFIT |
| Property, plant and equipment | 19% | S100YFIT |
| Intangibles and goodwill | 2% | S100YFIT |
| Investment securities | 20% | S100YFIT |
| Other assets | 46% | S100YFIT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YFIT |
| Other liabilities | 47% | S100YFIT |
| Equity | 50% | S100YFIT |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,383 | 27,500 | 27,796 | 26,258 | 27,606 |
| Equity | 10,281 | 10,963 | 12,450 | 12,746 | 13,674 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,809 | 6,597 | 5,140 | 3,729 | 3,489 |

## 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) | 22.6% | S100YFIT |
| Fixed assets ÷ total assets | 18.7% | S100YFIT |
| Goodwill ÷ parent equity | — | —, S100YFIT |

### 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) | 12.6% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -1,177 JPY mn (of net income -482.4%) |
| Shareholder returns / net income | 248.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 96.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| 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 | 0.7% | 0.76× | 0.5% | 3.07× | 1.5% | S100R2WT |
| 2023 | 2.2% | 0.82× | 1.8% | 3.00× | 5.4% | S100TQIY |
| 2024 | 1.8% | 0.86× | 1.5% | 2.91× | 4.5% | S100W16P |
| 2025 | 3.0% | 0.87× | 2.6% | 2.76× | 7.2% | S100YFIT |
| 2026 | 1.1% | 0.85× | 0.9% | 2.76× | 2.5% | S100YFIT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ニッピ | Major shareholder | 13.5% | 2026-03-31 |
| 平和株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 中央建物株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社ダブルエー | Major shareholder | 3.4% | 2026-03-31 |
| リーガル取引先持株会 | Major shareholder | 3.2% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| ミツワ産業株式会社株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社イオスビジネスハウス | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行 (金銭信託課税口) | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第194期(2025/04/01－2026/03/31) | S100YFIT | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFIT,, |
| 有価証券報告書－第193期(2024/04/01－2025/03/31) | S100W16P | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W16P,, |
| 有価証券報告書－第192期(2023/04/01－2024/03/31) | S100TQIY | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQIY,, |
| 有価証券報告書－第191期(2022/04/01－2023/03/31) | S100R2WT | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2WT,, |
| 有価証券報告書－第190期(令和3年4月1日－令和4年3月31日) | S100OFG0 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFG0,, |
| 有価証券報告書－第189期(令和2年4月1日－令和3年3月31日) | S100LNRS | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNRS,, |

## 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).