# SHIMAMURA 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73期(2025/02/21－2026/02/20) (S100Y2PP)
> Page: https://vizora.meequs.com/en/company/shimamura
> Retrieved: 2026-09-30T20:59:36.534Z

## Company

Shimamura, founded in 1953, is a company in Apparel listed on TSE Prime. It has 3,393 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIMAMURA CO., Ltd. |
| Ticker | 8227 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8227.T) |
| Listing | TSE Prime |
| Head office | 埼玉県さいたま市大宮区北袋町1丁目602番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 高橋 維一郎 |
| Founded | May 1953 |
| Share capital | ¥17.1B |
| Employees (consolidated) | 3,393 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | February |
| Website | www.shimamura.gr.jp (https://www.shimamura.gr.jp/) |
| Corporate number | 6030001004272 |
| EDINET | E03137 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y2PP, filed 2026-05-12). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.6 | 55 |
| Profitability | 82.8 | 61 |
| Cash conversion | 41.5 | 47 |
| Efficiency | 63.1 | 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 99% of Shimamura's sales come from Japan, with Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit +3.8%.

## Company structure

- Segment revenue mix: Japan 98.5%、Overseas 1.5%
- Revenue → net income: ¥700034000000 → ¥44460000000
- Net income → operating cash flow: ¥44460000000 → ¥48052000000（difference ¥3592000000）
- Main uses of operating cash flow: CapEx ¥23805000000 / dividends ¥15064000000 / buybacks ¥45689000000
- Change in cash: ¥-79015000000
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 | ¥700B |  |
| Operating income | ¥61.5B | Margin 8.8% |
| Net income | ¥44.5B | Margin 6.4% |
| Free cash flow | ¥24.2B |  |
| Largest business | Japan | of segment revenue 98.5% |
| Employees (consolidated) | 3,393 |  |
| EPS | ¥202.24 |  |
| Book value per share | ¥2353.81 |  |
| Equity ratio | 88.1% |  |
| Shares outstanding | 73,826,000 |  |
| Treasury shares | 4,620,500 |  |
| Shareholders | 17,544 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 22.9% | Cash ÷ revenue 18.2% |
| Vs. industry median margin | +5.7 pp | Apparel |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.0× dividends
- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥542608000000 | ¥700034000000 | +29.0% |
| Operating income | ¥38026000000 | ¥61483000000 | +61.7% |
| Operating margin | 7.0% | 8.8% | +1.8 pp |
| Employees | 3,110 people | 3,393 people | +9.1% |
| Cash and equivalents | ¥10486000000 | ¥127185000000 | +1112.9% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 98.5% |
| 日本 → 事業再編・廃止 | 0.4% |
| 海外 → 海外 | 1.1% |
| 新設・再編 → 海外 | 0.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 700,034 | 100.0% | S100Y2PP |
| Cost of revenue | 456,130 | 65.2% | S100Y2PP |
| Gross profit | 243,904 | 34.8% | S100Y2PP |
| SG&A | 183,771 | 26.3% | S100Y2PP |
| Operating income | 61,483 | 8.8% | S100Y2PP |
| Ordinary income | 63,672 | 9.1% | S100Y2PP |
| Pretax income | 62,409 | 8.9% | S100Y2PP |
| Income tax | 17,948 | 2.6% | S100Y2PP |
| Net income | 44,460 | 6.4% | S100Y2PP |
| Net income attributable to owners | 44,460 | 6.4% | S100Y2PP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 26 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 34.8% → Operating margin 8.8% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +3.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.73×
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 | 665,358 | 700,034 | 34,676 | +5.2% |
| Gross profit | 230,882 | 243,904 | 13,022 | +5.6% |
| Operating income | 59,240 | 61,483 | 2,243 | +3.8% |
| Net income attributable to owners | 41,885 | 44,460 | 2,575 | +6.1% |
| Operating cash flow | 52,800 | 48,052 | -4,748 | -9.0% |
| Free cash flow | 41,361 | 24,247 | -17,114 | -41.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 521,982 | 22,985 | 4.4% | 13,125 | 22,803 | 19,235 | S100LCHL |
| FY ending Feb 2021 | 542,608 | 38,026 | 7.0% | 26,163 | 46,234 | 37,954 | S100O2BT |
| FY ending Feb 2022 | 583,618 | 49,420 | 8.5% | 35,428 | 37,213 | 28,965 | S100QR59 |
| FY ending Feb 2023 | 616,125 | 53,302 | 8.7% | 38,021 | 41,552 | 37,168 | S100U37I |
| FY ending Feb 2024 | 635,091 | 55,308 | 8.7% | 40,084 | 41,162 | 33,526 | S100VRWR |
| FY ending Feb 2025 | 665,358 | 59,240 | 8.9% | 41,885 | 52,800 | 41,361 | S100Y2PP |
| FY ending Feb 2026 | 700,034 | 61,483 | 8.8% | 44,460 | 48,052 | 24,247 | S100Y2PP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥206.3M |
| Operating income per employee (consolidated) | ¥18.1M |
| Net income per employee (consolidated) | ¥13.1M |

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) | 3,086 | 3,098 | 3,157 | 3,253 | 3,393 |
| Average salary (parent company) | ¥6.5M | ¥6.8M | ¥6.9M | ¥7.1M | ¥7.2M |
| Average age (parent company) | 42.8 years | 43.2 years | 43.4 years | 43.4 years | 43.4 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 17.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 689,702 | 98.5% | 60,808 | 8.8% |
| Overseas | 10,332 | 1.5% | 674 | 6.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 98.5% | 98.9% | 0.4 | 8.8% |
| Overseas | 1.5% | 1.1% | -0.4 | 6.5% |

Segment → industry: Overseas → Apparel / Japan → 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 | 48,052 | 6.9% | S100Y2PP |
| Capital expenditure | 23,805 | 3.4% | S100Y2PP |
| Free cash flow | 24,247 | 3.5% | 算出 |
| Investing cash flow | -66,334 | -9.5% | S100Y2PP |
| Financing cash flow | -60,754 | -8.7% | S100Y2PP |
| Dividends paid | 15,064 | 2.2% | S100Y2PP |
| Share buyback | 45,689 | 6.5% | S100Y2PP |
| Change in cash | -79,015 | -11.3% | S100Y2PP |
| Cash and equivalents | 127,185 | 18.2% | S100Y2PP |

## 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 | 182,427 | 217,157 | 161,235 | 206,200 | 127,185 | S100U37I, S100VRWR, S100Y2PP |
| Total assets | 474,811 | 502,552 | 533,807 | 567,144 | 554,667 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Net assets | 410,995 | 440,048 | 471,408 | 500,976 | 488,545 | S100U37I, S100VRWR, S100Y2PP |
| Share capital | 17,086 | 17,086 | 17,086 | 17,086 | 17,086 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Property, plant and equipment | 139,033 | 137,314 | 138,326 | 142,614 | 157,704 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Intangible assets excluding goodwill | 904 | 928 | 983 | 1,000 | 1,879 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Investment securities | 9,852 | 10,437 | 29,384 | 33,226 | 55,677 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Current assets | 302,626 | 332,416 | 344,887 | 370,429 | 321,887 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Current liabilities | 54,433 | 52,498 | 52,151 | 55,605 | 56,806 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Total liabilities | 63,815 | 62,503 | 62,398 | 66,168 | 66,121 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Equity attributable to owners of parent | 407,595 | 436,434 | 466,596 | 496,008 | 479,749 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Retained earnings | 373,278 | 402,112 | 432,274 | 461,664 | 491,054 | S100QR59, S100U37I, S100VRWR, S100Y2PP |
| Treasury stock | -1,409 | -1,409 | -1,418 | -1,415 | -47,084 | S100QR59, S100U37I, S100VRWR, S100Y2PP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100Y2PP |
| Property, plant and equipment | 29% | S100Y2PP |
| Intangibles and goodwill | 0% | S100Y2PP |
| Investment securities | 10% | S100Y2PP |
| Other assets | 38% | S100Y2PP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100Y2PP |
| Equity | 88% | S100Y2PP |
| Other liabilities | 0% | S100Y2PP |

### 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 | 474,811 | 502,552 | 533,807 | 567,144 | 554,667 |
| Equity | 410,995 | 440,048 | 471,408 | 500,976 | 488,545 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 182,427 | 217,157 | 161,235 | 206,200 | 127,185 |

## 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) | 22.5% | S100Y2PP |
| Fixed assets ÷ total assets | 28.4% | S100Y2PP |
| Goodwill ÷ parent equity | — | —, S100Y2PP |

### 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) | 22.9% |
| Cash ÷ revenue | 18.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.2% |
| Cash vs. profit gap | 3,592 JPY mn (of net income 8.1%) |
| Shareholder returns / net income | 136.6% |
| Shareholder returns / FCF | 250.6% |
| Shareholder payments — dividends / net income | 33.9% |
| Shareholder payments — dividends / FCF | 62.1% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 138.0% |

## 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 | 6.1% | 1.23× | 7.5% | 1.16× | 8.7% | S100QR59 |
| 2023 | 6.2% | 1.26× | 7.8% | 1.16× | 9.0% | S100U37I |
| 2024 | 6.3% | 1.23× | 7.7% | 1.15× | 8.9% | S100VRWR |
| 2025 | 6.3% | 1.21× | 7.6% | 1.14× | 8.7% | S100Y2PP |
| 2026 | 6.4% | 1.25× | 7.9% | 1.15× | 9.1% | S100Y2PP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社島村企画 | Major shareholder | 16.7% | 2026-02-20 |
| 株式会社島村興産 | Major shareholder | 9.7% | 2026-02-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.5% | 2026-02-20 |
| 株式会社クリエイティブライフ | Major shareholder | 6.9% | 2026-02-20 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2026-02-20 |
| JP MORGAN CHASE BANK 380055（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.0% | 2026-02-20 |
| 藤原 秀次郎 | Major shareholder | 2.0% | 2026-02-20 |
| JP MORGAN SECURITIES PLC（JPモルガン証券株式会社） | Major shareholder | 1.8% | 2026-02-20 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-02-20 |
| 島村 裕之 | Major shareholder | 1.5% | 2026-02-20 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Feb 2026 was ¥700B, up +5.2% from ¥665.4B the year before.
- Operating income grew +3.8% to ¥61.5B, and net income attributable to owners grew +6.1% to ¥44.5B.
- Cash was a different story: operating cash flow fell -9.0% to ¥48.1B, and free cash flow dropped -41.4% to ¥24.2B.

### Drivers

- Seasonal items from its own CLOSSHI brand drove sales, such as the cooling FIBER DRY line in summer and the heat-generating FIBER HEAT line in winter.
- More higher-priced own-brand goods and supplier co-developed brands pushed up the average price per item.
- A long heat wave helped summer clothing but delayed autumn items; winter clothing then started selling earlier than the year before.

### Risks

- Unusual weather and natural disasters can swing sales of seasonal goods.
- A sharp fall in the yen or higher energy and material prices could raise purchasing costs.
- A shrinking population and labor shortages in Japan could weigh on new stores and store operations.

Cited: Annual Securities Report (73rd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (73rd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/02/21－2026/02/20) | S100Y2PP | 2026-05-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y2PP,, |
| 有価証券報告書－第72期(2024/02/21－2025/02/20) | S100VRWR | 2025-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRWR,, |
| 訂正有価証券報告書－第71期(2023/02/21－2024/02/20) | S100U37I | 2024-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U37I,, |
| 有価証券報告書－第70期(2022/02/21－2023/02/20) | S100QR59 | 2023-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QR59,, |
| 有価証券報告書－第69期(令和3年2月21日－令和4年2月20日) | S100O2BT | 2022-05-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O2BT,, |
| 有価証券報告書－第68期(令和2年2月21日－令和3年2月20日) | S100LCHL | 2021-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LCHL,, |

## 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).